Last week, SteelOrbis reported that it was expected that US East coast HMS and shredded scrap prices would trend down between $30-$51/mt ($30-$50/gt) during the June buy cycle, with the predominant consensus putting the market at down $30/mt ($30/gt).
Now that scrap has started trading, that expectation has quickly shifted.
At current, East coast HMS scrap pricing is being heard at down $46/mt -$55/mt ($45/gt to $54/gt) from levels reported in May, when HMS scrap settled at $264/mt ($260/gt). Shredded scrap prices in this region are currently being heard at down $41/mt -$51/mt ($40/gt to $50/gt) from levels reported in May, when shredded scrap settled at $295-$300/mt ($290-$295/gt.
East coast scrap prices are expected to settle early next week.