SteelOrbis sources have said that while mills aren’t expected to make firm offers until later today, it’s expected that February prices will be down from January settled levels.
“Most people believe that busheling scrap could be sideways to down $10-$15/gt,” a source said. “If mills can’t get their hands on busheling, they’ll turn to shredded, which there is plenty of. Some people think that busheling could come up a touch this month, but they seem to be in the minority.”
Other sources have said they suspect that shredded “could come down by as much as $60/gt this month, and that HMS and P&S could shift down by $30-$40/gt, because cut grades aren’t as plentiful.”
A third source offered the following: “hopefully mills will be making firm offers today, no one seems to be in a real rush. Everyone knows the volumes they’re looking at, and at this point, the yards are just waiting for firm offers.”