US domestic scrap trading expected to settle down next week

Friday, 03 May 2019 23:54:02 (GMT+3)   |   San Diego

SteelOrbis has reported on the downward expectation of the US domestic ferrous scrap market in the early May trading cycle. On April 12 sources informed SteelOrbis of downward expectations of $10-15/gt ($10-15/mt) but toward the end of the month expectations widened to $10-30/gt ($10-30/mt) depending on grade and region.

On Friday May 3, sources inform SteelOrbis that mills in the Midwest and East coast have not formally purchased volumes and settled pricing is expected early next week. Sources inform SteelOrbis that a few small transactions are being reported in the Southeast at declining prices, but the bulk of scrap trading activity has not yet begun.

From ongoing conversations and negotiations that started with the cancellation of undelivered material at the end of April, shredded and HMS I grades are expected to decrease by $30/gt ($30/mt) while prime grades are expected to decrease by $35-40/gt ($36-41/mt).

US domestic scrap settled down $20-30/gt ($20-30mt) in April.

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