US domestic scrap settles mostly sideways on the East coast

The monthly US domestic buy-cycle closed on Friday in the week ended November 3. Sources inform SteelOrbis that HMS I, P&S, and shredded scrap grades traded sideways while prime grades such as #1 bundles and busheling declined $10/gt ($10/mt) on the top of the previous range compared to October settled prices.

According to several sources in the East coast, the region encountered limited buying as mills are “watching their inventory closely.” Despite the limited buying, scrap dealers successfully resisted downward pressure on scrap prices. Several scrap sources in the Midwest have informed SteelOrbis of continued price resistance in that region and the potential for a slight uptick.

*In mt terms, the top number denotes change from the bottom of the previous range and bottom number denotes change from the top of the previous change.

** After publication, SteelOrbis was informed of busheling deals rebounding up to $10/mt ($10/gt) to an updated range of $345-366/mt ($340-360/gt). This effectively reduced the change from September to October to a decline of $40-41/mt at both the bottom and top of the range instead of a decline of $41/mt from the bottom of the previous month’s range and $50/mt from the top of the previous range.