After a mostly sideways trend in February that carried over January settled prices, US domestic scrap prices trended up in March across all grades.
During a preliminary survey, Midwest sources inform SteelOrbis that US domestic scrap prices are expected to trend mostly sideways in April. A Midwest source noted that the surprise of a downward export move is unlikely as dock prices are reportedly being raised on both the East and West coasts. A separate source added that while spring conditions sometimes mark a downward pressure on scrap prices due to anticipated improved feedstock, the supply and demand feedstock is expected to be in balance in April and domestic mills are functioning at high capacity. A third source based in Pennsylvania noted the likelihood of a sideways trading month, but he also noted that maintenance schedules and repairs at some mills he serves may soften his final settled prices.
In the southern US, a source noted stable scrap prices from imports in Mexico and the potential for US domestic scrap prices in some regions in the South to trend up to $10-20/gt ($10-20/mt).