As expected since the downturn in export scrap prices to Turkey with deals concluded after March 10, the US domestic scrap market has settled down in the April buy cycle in comparison to the market prices established during the buy cycle in early March.
Prime grades remained resilient with deal prices down $5/mt when compared to early March deals. Prices for HMS I, shredded and P&S moved down $26-36/mt ($26-35/gt) from prices reported by SteelOribs on March 6.
SteelOrbis published East coast settled prices on March 6. Due to the decrease in US scrap export prices as the market was being called 'settled' in March, spot prices slid down up to $5/mt ($5/gt) for late entrance buyers in the following days. The present industry claim of a downward movement of $25-30/mt ($25-30/gt) in April prices in comparison to March settled prices are correct when comparing against the post March 6 downward adjustment, but they are down $30-36/mt against initially settled March published prices.
| (delivered to mill) | April 6 | March 7 | Change* (in mt terms) |
| HMS I | $244-254/mt $240-250/gt | $278-280/mt $274-276/gt | $34/mt $26/mt |
| Shredded | $284-290/mt $280-285/gt | $315-320/mt $310-315/gt | $31/mt $30/mt |
| Busheling | $340-351/mt $335-345/gt | $345-356/mt $345-350/gt | $5/mt $5/mt |
| P&S | $254-257/mt $250-253/gt | $289-291/mt $284-286/gt | $36/mt $34/mt |
*Top number denotes change from the bottom of the previous range and bottom number denotes change from the top of the previous range.