US domestic scrap prices settle mostly down in East coast

East coast sources inform SteelOrbis that consistent with initial deals within the August scrap buy-cycle, August scrap has settled down approximately $20/mt for cut grades such as HMS I, shredded, and P&S scrap. HMS I contained price erosion at $20/mt while shredded declined $20/mt from the bottom of the previous range but $25/mt from the top of the same range. P&S scrap prices declined $20-21/mt, but busheling scrap was able to gain $10/mt from the bottom of the previous range. The gain from the bottom of the previous range and stability on the top of the same range was attributed to tight supply and high demand for the prime grade.

* 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.