The
US domestic scrap market may have softened from levels seen in mid-September, but not by as much as some believed. Two weeks ago, it was believed that prices would be down by approximately $20/lt; those who sold at around the first of the month booked deals in that predicted range, but the market strengthened since then. In early October, ex-East Coast sales for HMS I transacted in the range of $310-$315/lt, shredded in the range of $340-$345/lt and busheling in the range of $370-$375/lt; but as of last week, the market settled slightly above those ranges. The current East Coast ranges have leveled at $315-$320/lt for HMS I, $345-$350/lt for shredded and $375-$380/lt for busheling. This reflects an approximate dip of $5/lt across the board from levels seen in early September. Mills are believed to have what they need, for the moment at least, and are not trying to make additional buys.
Meanwhile, Midwest prices have continued their sideways trend. The previously forecast ranges for HMS I, shredded and busheling have held at $330-$335/lt for HMS I, $345-$350/lt for shredded and $390-$400/lt for busheling, reflecting no change from September. However, prices are expected to tick up slightly in November and December, as the winter months historically make scrap collection more difficult due to inclement weather, although it is not believed that prices will surpass levels seen in in August.