Multiple sources close to SteelOrbis have noted that while scrap prices have not “officially settled,” it looks as if most regions in the country will settle at down $20/gt on cuts and shred, and sideways on busheling. This trend is consistent with what SteelOrbis predicted a week ago.
The down $20/gt trend has been confirmed with multiple sources in both the Southeast and Ohio Valley. Additionally, sources in St. Louis have also confirmed a belief that while they “don’t have purchase orders in hand just yet,” they also believe that cuts and shred will come down by $20/gt during this month’s buy cycle.