Sources inform SteelOrbis that early on the week ended July 5, US domestic scrap traded in some cases at down $10/gt ($10/mt) compared to settled prices in June as Midwest mills confidently bid down $10/gt ($10/mt) across all grades. In the East coast, sources reported a relatively stable month-on-month trading level early in the week.
The Independence Day holiday on July 4th delayed trading within the traditional first week of the month. Sources note that while some sellers proceeded with limited volume trades at the lower price, many other scrap sellers held off negotiations and sought a stable month-on-month price that they hope can be achieved next week. A scrap dealer in Pennsylvania noted that while July volume buys by mills are smaller than usual, the supply of primes grades in July is tighter and the lower scrap buying prices at the scales has limited scrap inflow into feedstock. The tighter scrap supply is expected to support the market as trading finalizes next week.