Sources inform SteelOrbis that with the discussion of Section 232 steel tariffs, higher mill utilization rates, patience of scrap sellers, and tight scrap market in obsolete scrap grades, the US shredded scrap market has pressed up in the last few days.
A source stated, “While some regions such as the Chicago market, have been dragging the Detroit market by $10/gt ($10/mt), even they are expected to end up $30/gt ($30/mt) on obsolete grades this buy-cycle.” Mills bids on March 1, immediately placed obsolete grades such as shredded, P&S, and HMS up $20/gt ($20/mt) inland compared to February settled prices. Due to tight supply and expectations by sellers of the likelihood of prices increasing, sources inform SteelOrbis that some scrap transactions in the Ohio and Detroit regions have reached prices of $30/gt ($30/mt) higher compared to February settled prices.
Trades for prime grades such as busheling scrap continue stable at $10-15/gt ($10-15/mt).