Sources close to SteelOrbis have confirmed that one Detroit-area mill has come out at down $20/gt for primes and down $30/gt for shredded and P&S, which is more favorable than what was suspected last week, when some speculated the market could come down by $50-$70/gt depending on the region and the grade.
Mills in other regions have yet to announce, and it’s widely suspected that scrap prices in the Midwest, Northeast, and Southeast may not fare as well.
For example, sources in the Northeast say they believe that still-downtrending scrap cargo sales prices into Turkey are likely to impact that region, which could place additional downward pressure on cut grades.
Other sources have said that in the Southeast, it’s believed that “there is more than enough scrap to go around.” This could also place additional pressure on still-pending Southeast settled prices.
“It’s still early and I don’t think we’re going to have final numbers until the end of the week,” a source said.
More information is expected to become available by end-of-business tomorrow.