January domestic US scrap prices are now discussed at sideways to December values following the New Year holidays, scrap market insiders told SteelOrbis this week.
This week’s January scrap call differs from that offered seven days earlier that called the January market sideways to potentially higher following the Christmas holiday, based on higher anticipated demand from steel mills heading into the new month. Talk about increased demand from mills was not noted this week.
“The markets remain very quiet following the New Year holiday,” remarked one Midwest scrap insider, adding, “There was little talk about January scrap this morning, but the latest we’re hearing is sideways, as the scrap yards are still slow, at least in this area.”
“We’re hearing steady right now for January scrap,” said another Midwest scrap dealer, noting, “Nothing’s really going to happen until probably next week.”
A third respondent echoed the sentiments of the first two scrap insiders.
“I’m hearing sideways for January,” the third contact told SteelOrbis, adding, “We won’t know more until very likely next week.”
No updated call for the US Northeast January scrap was noted, so it will be maintained at sideways to December as was earlier reported two weeks ago.
Recently, January scrap calls expecting higher values versus December were based on expectations that there are a larger number of finished steel production days in January versus the previous month, as well as the likelihood that a larger number of electric arc furnaces will be online for January versus December. Conversely, the earlier sideways to lower predictions for the new month were based on an outlook that had finished steel demand flat until later in the first quarter of 2025.
During the December buy-cycle, Ohio Valley scrap settled sideways to down $10/gt ($10/mt), SteelOrbis’ data show, with HMS I down $10/gt to $320-340/gt ($325-345/mt) delivered to customer, shredded scrap down $10/gt to $375-380/gt ($381-386/mt) on delivered basis, while P&S settled $10/gt lower at $366-$376/gt ($372-382/mt) delivered to customer. Busheling settled sideways to November at $390-415/gt ($396-422/mt) on delivered to customer basis.
In the US Northeast, pricing was down across the board for December, though the declines were less severe owing to scrap export opportunities, insiders said. HMS settled down just $2/gt from November settled prices at $335-350/gt ($340-356/mt) delivered to customer, while shredded saw pricing down $5/gt to $365-375/gt ($371-381/mt) delivered. P&S settled down $5/gt at $335-345/gt ($340-351/mt) on delivered basis, while busheling scrap was also down $5/gt, to $390-410/gt ($395-417/mt) delivered to customer, market insiders told SteelOrbis.