Sources close to SteelOrbis have said that while Ohio Valley scrap prices have not yet settled, it's likely that prices will settle at sideways.
"We're getting there but not quite there yet," a source said. "We're still waiting for a few mills to buy. Mills that have purchased so far are sideways across the board. I expect the few remaining mills left to buy will do the same."
Multiple other sources have reported similar information.
"The market definitely didn't come down like some people thought it would," another source added. "Cut grades and shredded scrap are like gold right now. As I see it, this month should have played out at strong sideways. I also think that we could see the market go up in November, and I think some grades could go up by as much as $50/gt."
Ohio Valley settled scrap pries are expected to emerge before the end of the week.