After three months of downward pricing pressure in the US domestic market, October began to trade up in the middle of the week ended October 5. Midwest deals began to surface with positive price movements of $20/gt ($20/mt) on busheling and $10/gt ($10/mt) on cut grades such as shredded, HMS I, and P&S compared to September settled prices.
East coast settled prices at the end of the week are reportedly up $10/gt ($10/mt). Looking further at the prices provided by market sources to SteelOrbis, some scrap deals achieved higher gains: HMS I increased $10-20/mt, shredded increased $5-10/mt, busheling increased $20-25/mt, and P&S increased $15/mt. Sources in the Midwest inform SteelOrbis that “mills are still in full swing on Friday” and are expected to settle by Monday.
|
East coast Delivered to customer |
October |
September |
Change*
|
|
HMS I |
$305-315/mt $300-310/gt |
$295/mt $290/gt |
+$10/mt +$20/mt |
|
Shredded |
$345/mt $340/gt |
$335-340/mt $330-335/gt |
+$10/mt +$5/mt |
|
Busheling |
$396-406/mt $390-400/gt |
$376-381/mt $370-375/gt |
+$20/mt +$25/mt |
|
P&S |
$320-325/mt $315-320/gt |
$305-310/mt $300-305/gt |
+$15/mt +$15/mt |
* 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.