On March 20, SteelOrbis reported that US domestic scrap purchase prices could increase $10-30/gt ($10-30/mt) depending on grade and region compared to March settled prices.
Sources inform SteelOrbis that the expectation for an upward movement in US domestic scrap prices remains high due to strong domestic demand and tight scrap supply, but that the top end of the range expectation is being lowered to $20/gt ($20/mt) on pressure from shifts in the global scrap market.
While the US was able to place several bulk scrap cargoes at “still high prices” to countries such as Bangladesh and Egypt in late March, a source noted that the latest spree of scrap buys by Turkish mills at prices in the upper $350s/mt CFR on HMS I/II 80:20 is expected to place some downward pressure on US export prices. Therefore, the previous expectation of up to an increase of $30/gt ($30/mt) for US domestic scrap on the East coast is being tempered to an increase "that will lilkely be closer to $20/gt ($20/mt)."