US scrap prices settling up, some regions still trading

As previously expected, US domestic scrap prices are settling up in regions throughout the US.  “We’re up significantly in the Northeast, and I know Pittsburgh settled up sharply,” a source said, adding that mills in the Pittsburgh, Pennsylvania region settles at up $50/gt on HMS up $50/gt on P&S, up $60/gt for shredded scrap, and at up $20/gt for busheling scrap.

Sources in Chicago have confirmed that in that region, prime scrap is up by $20/gt, P&S scrap is up by $40/gt, HMS is up by $50/gt, and shredded scrap is up by $60/gt.

And while mills in Eastern Ohio have not yet settled (as of time of publication, at least two mills in that region had yet to start their buys), it’s believed that prices will settle up by margins similar to what was seen in Pittsburgh.

Also, notable is that sources in the Northeast believe that upticks in November settled scrap prices are likely to catch the attention of export yards. “We’re still hearing that the docks are making some quiet deals based on volume, but when you look at where the market has settled, I wouldn’t be surprised if they raised their dock prices to $400/gt+/- in the near future.