US domestic scrap trends down on the East coast

In correlation with deals heard inland earlier in the week, the US domestic East coast scrap market has settled down across all grades. While the market generally decreased $30/mt on shredded scrap and $40/mt on busheling scrap in the Midwest region, the East coast decreased slightly more. Busheling scrap received the biggest price drop with a decrease of $41-50/mt on limited transactions. According to an East coast trader, “There was little buying on prime grades on the Eastern side.”

Prices in the East coast decreased $36/mt on HMS I scrap, $35-40/mt on shredded scrap, and $26-38/mt on P&S scrap. The decrease is attributed to both the sharp drop in export prices to Turkey and smaller program buys from mill buyers. Additionally, the market was viewed as having a “surplus of scrap that would dampen prices into October compared to September even with bigger buying programs.”

*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.