On September 6, SteelOrbis reported slow movement in the trade of scrap within the US market. Today, September 7, SteelOrbis has been informed of a few early deals in the Midwest concluding lower than the previous month’s settled prices on both busheling and shredded scrap. Shredded scrap deals have reportedly declined $25/gt ($26/mt) while busheling deals were concluded at a $20/gt ($20-21/mt) decline.
While a source noted that the limited volume in overall transactions keeps him from calling “prices as settled,” the early deals have declined the price of scrap in the Midwest region. A separate source noted that the Rosh Hashanah holiday may keep some mills with some sufficient scrap inventories from finalizing September prices until September 12. He added that while the trend seemed likely to remain stable into next week, those waiting may also be “speculating the probability of squeezing another $5/gt ($5/mt) down on the remaining shredded inventory.”
* Top number denotes change from the bottom of the previous month’s range and bottom number denotes change from the top of the same range in mt terms.
Ohio/Pennsylvania Delivered to customer |
September |
August |
Change* |
HMS I |
$310-320/mt $305-315/gt |
$330-345/mt $325-340/gt |
-$20/mt -$25/mt |
Shredded |
$340-345/mt $335-340/gt |
$366-371/mt $360-365/gt |
-$26/mt -$26/mt |
Busheling |
$386-396/mt $380-390/gt |
$406-417/mt $400-410/gt |
-$20/mt -$21/mt |
P&S |
$330-335/mt $325-330/gt |
$356-361/mt $350-355/gt |
-$26/mt -$26/mt |