US domestic scrap trading up in August

Friday, 02 August 2019 23:59:31 (GMT+3)   |   San Diego

On July 26, SteelOrbis reported a strong sideways to a positive outlook of $10-20/gt ($10-20/mt) for the early August scrap trading week. Sources inform SteelOrbis that several mills in the Detroit area have made offers of a price increase of $20/gt ($20/mt) on shredded compared to July settled numbers. A source in the East coast noted that the market is still waiting on more consumers to enter the bidding process and that the market is expected to settle early the week ended August 9. A scrap seller in Chicago, Illinois and another in Cleveland, Ohio noted quiet activity in the scrap trading market in their respective regions on Friday, August 2.

An Ohio trader added that given the relative tight scrap supply and strong demand expected in August, some scrap grades “realistically face the potential of achieving increases of $22-30/gt ($22-30/mt) in Northern Ohio next week.”

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