US domestic scrap down in Midwest as expected

According to sources in Ohio and Pennsylvania, scrap prices traded down $20-21/mt on shredded, P&S, and HMS I scrap grades while busheling scrap declined $11/mt compared to July’s settled domestic scrap prices.

The scrap price movement kept within expectations; some scrap sellers in the region report that a few buyers sought lower bids by a further $5/mt decline towards the end of the period, but as most scrap inventory had been placed and sellers were steadfast on “only a $20/gt ($20/mt) price erosion in the month,” such bids were unsuccessful and consolidated to the $20-21/mt price correction level. Scrap prices for the region in table below.

* 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.