Russia’s invasion of Ukraine has turned international markets on their heads, sources tell SteelOrbis, adding that the spikes in this month’s US scrap pricing are similar to 2008, when US busheling prices climbed to roughly $1,000/gt.
And while HMS, P&S, and shredded scrap settled up by $125/gt “across the board” this month, busheling scrap prices surged even higher. As of close of business yesterday, it was expected that busheling scrap (which, sources note, is now in “extreme demand” as pig iron imports out of Russia and Ukraine have come to a “fast hard stop” due to the war) would trend up by $160/gt+, however, today, several mills throughout the US came out at +$175/gt over February settled levels, and some sources have reported selling at price points higher than that depending on volume.
“I love these numbers, but what worries me is that what comes up must eventually come down,” a source said.
March settled scrap levels are listed in the charts below.
| Northeast | March | February | Change |
| Delivered to customer | |||
| HMS I | $513-$523/mt | $386/mt | up $127+/mt |
| $505-$515/gt | $380/gt | up $125+/gt | |
| Shredded | $594/mt+ | $467/mt | up $127+/mt |
| $585/gt+ | $460/gt | up $125+/gt | |
| P&S | $523-$533/mt | $396/mt | up $127+/mt |
| $515-$525/gt | $390/gt | up $125+/gt | |
| Busheling* estimated | $640+/mt | $462-$472/mt | up $178+/gt |
| $630/gt+ | $455-$465/gt | up $175+/gt |
| Ohio Valley | March | February | Change |
| Delivered to customer | |||
| HMS I | $549-$554/mt | $422-$427/mt | up $127/mt |
| $540-$545/gt | $415-$420/gt | up $125/gt | |
| Shredded | $605/+mt | $478/mt | up $127/mt |
| $595+/gt | $470/gt | up $125/gt | |
| P&S | $579/mt | $452/mt | up $127/mt |
| $570+gt | $445/gt | up $125/gt | |
| Busheling | $732+/mt | $554/mt | up $178+/mt |
| $720+/gt | $545/gt | up $175/gt+ |