Sources close to SteelOrbis have confirmed that scrap prices throughout the US have settled “somewhere in the range of sideways to down $30/gt, depending on the grade.”
And while it initially seemed as if mills were going to try to take all grades down by at least $20/gt, if not more, high collection costs for HMS, P&S scrap, coupled with lessened scrap inflows and widespread resistance from sellers, helped prevent prices from falling by larger margins.
“The general gist in most markets is that primes are down by $20-$30/gt, HMS and P&S traded at sideways to down $10/gt, and shredded seems to have traded at down $20/gt across the board,” a source said, adding that he’s heard that some HMS transactions in Chicago have traded at down $25/gt from August settled levels.
In the South, on the other hand, cuts and shred traded at down $20/gt, whereas busheling scrap traded at down $20-$25/gt.
“Everything was regional this month,” a second source added. “But I think in some places, prices didn’t go down by as much as the mills wanted, because [sellers] were able to beat it into the mills that there’s not as much out there and because the [collection] costs [such as motor fuel costs] have skyrocketed.”
Northeast / Ohio Valley settled prices are listed in the chart below.
Northeast | September | August | Change |
Delivered to customer | |||
HMS I | $315/mt | $325/mt | down $10/mt |
$310/gt | $320/gt | down $10/gt | |
Shredded | $406/mt | $427/mt | down $21/mt |
$400/gt | $420/gt | down $10/gt | |
P&S | $325/mt | $335/mt | down $10/mt |
$320/gt | $330/gt | down $10/gt | |
Busheling (inland / Pittsburgh ) | $396/gt | $427/mt | down $31/mt |
$390/gt | $420/gt | down $30/gt |
Ohio Valley | September | August | Change |
Delivered to customer | |||
HMS I | $340/mt | $351/mt | down $11/mt |
$335/gt | $345/gt | down $10/gt | |
Shredded | $406-$417/mt | $427-$437/mt | down $21/mt |
$400-$410/gt | $420-$430/gt | down $20/gt | |
P&S | $366-$371/mt | $376-$381/mt | down $10/mt |
$360-$365/gt | $370-$375/gt | down $10/gt | |
Busheling | $427-$437/mt | $457-$478/mt | down $30/mt |
$420-$430/gt | $450-$470/gt | down $30/gt |