US scrap prices settle downward, but not by as much as expected

Friday, 09 September 2022 22:14:49 (GMT+3)   |   San Diego
       

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

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