The majority of scrap market sources throughout the US still say they believe that August scrap prices are likely to trend at sideways. Others, however, now believe the market may have a bit of upside to it.
Several sources in the Midwest and Northeast have indicated that scrap inflows have slowed down substantially in the past several weeks, which they believe has the potential to support higher pricing.
On the other hand, others have expressed concern that the latest ex-US scrap cargo sales to Turkey (which were transacted at $352/mt CFR), may have domestic mills “less interested” in paying strong sideways pricing during next month’s buy cycle.
The August buy cycle is expected to start next week.