Although many believed that the July 4th holiday would push the start of July’s scrap trade to next week, SteelOrbis has learned that Delta Steel has come out at down $30/gt on busheling, down $20/gt on frag, and sideways on P&S scrap.
These levels are in alignment with what market sources expected a week ago.
On Wednesday, June 28, SteelOrbis reported that most sources felt that HMS and P&S would ultimately settle at sideways to down $20/gt, whereas shredded and busheling scrap were expected to trend down by $20-$30/gt.
As of time of publication, other US mills have yet to announce their pricing for July. It’s not immediately clear if additional mills will announce before the end of the week. Consequently, settled scrap prices for all regions are still pending.