The US domestic scrap market predominantly traded sideways during the early February buy-cycle.
As SteelOrbis surveys ferrous scrap contacts in various US regions in mid-month, sources inform SteelOrbis that March “is looking positive.” Specifically, several sources attending the ISRI St Louis convention this week agreed that “optimism prevails for March with most market participants thinking $20/gt ($20/mt) or more upside potential.” The sources attributed the expectation of increased prices for domestic scrap to strong mill demand and weather which “is taking a toll on yard operations and logistics.” A source noted that “mills are busy and are expected to have maintenance outages behind them in March which will translate to strong demand for scrap.”
Additionally, the East coast market has increased prices at the docks to attract additional feedstock to meet export commitments in March.