Sources inform SteelOrbis that in the US inland regions of Michigan, Indiana, and Ohio, mills are settling February scrap deals at sideways pricing compared to January settled numbers.
Shredded scrap prices in the Detroit area are unchanged at $330-$345/gt ($335-351/mt) delivered to customer, while prime grades such as busheling are trading at $370-380/gt ($376-386/mt) delivered to customer.
Shredded scrap prices in the Ohio and Pennsylvania area continue trading at $350-355/gt ($356-361/mt). Sources reported that mills were not placing downward pressure on scrap prices and were eager to obtain scrap for the February production month.
On the East coast, shredded scrap traded at $345/gt ($351/mt) delivered to customer in January. Sources report that prices in February shifted slightly downward on some grades on softer exports, although shredded scrap is presently trading sideways in some deals at $345/gt ($351/mt) delivered to domestic customer. HMS I, P&S, and busheling are reportedly down at $320/gt ($325/mt), $330/gt ($335/mt), and $365/gt ($371/mt) delivered, respectively. HMS I and P&S scrap declined by approximately $10/gt ($10/mt) while busheling declined approximately $20/gt ($20/mt). According to a source, a few mills are still negotiating to obtain scrap commitments, but scrap prices are expected to remain firm into March.