US domestic scrap market settles up in November

The Midwest region of the US, as exemplified by the movements in the Ohio and Pennsylvania states, US domestic scrap prices increased on both busheling and cut grades such as HMS I, shredded and P&S during the recent November buy-cycle. Cut grades increased $20-21/mt while busheling scrap increased $11/mt on deals. November represents the second month of price increases after three months of downward pricing in July, August, and September.

*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.

Meanwhile, US domestic scrap prices in the East coast market also encountered a positive price movement on busheling and cut grades such as shredded, HMS I, and P&S compared to October settled prices. In the November buy-cycle, cut grades increased $20-21/mt while busheling increased $11/mt.

Sources inform SteelOrbis that December scrap trading is expected to trade strong sideways to up, especially, given the tight scrap supply as a result of the holidays and winter. Sources expect a continued strong demand for scrap in the US domestic market into the first quarter of next year.