Yesterday, SteelOrbis sources indicated they’d heard rumors that mills might try to buy primes at down $65-$70/gt from July settled levels, adding that they believed that down $50/gt was “in the bag.”
Today, it’s been confirmed that Delta Steel came out at down $20/gt on cuts and shred, and at down $70/gt on busheling. If accepted by the market, this would bring Detroit-area busheling prices to $420/gt--- $10/gt less than shredded scrap prices. This pricing would align with predictions heard yesterday, where some speculated that busheling would trade close to (or perhaps below) shredded prices in August.
Other mills have yet to announce, and it’s not immediately clear whether sellers will resist down $70/gt pricing on primes.
August settled scrap prices throughout the US are still expected to be known by end-of-business on Friday.