Last week, sources close to SteelOrbis believed that US scrap prices in March could trend up between $20-$40/gt during this month’s buy cycle. And while the market may not fully settle until early next week, current chatter is that prices for HMS, shredded and P&S scrap could come up by as much as $50/gt, depending on the region, while some believe that busheling scrap could settle up by as much as $70/gt, depending on the region.
“My phone has been blowing up with texts about a possible up $70/gt for prime grade scrap all morning,” a source said.
A second source agreed that prices are likely to settle up by margins greater than previously expected, although at current, mills are “in no rush” to come out with official pricing.
“The mills seem to be taking their time and there seems to be some talk about mills quietly hoping to buy [non-prime grade scrap] at up $20-$30/gt, which was the expectation last week,” a source said. “But the mills seem like they’re not in any rush and they haven’t come out with official offers.”