SteelOrbis sources have said that while some mills have entered the market with February pricing, others have not. As such, today’s situation is largely similar to what SteelOrbis reported yesterday—prime grade scrap is likely to trade at sideways. “In the Midwest, we’re still hearing early offers on busheling at $500/gt+ ($508/mt+), but some mills haven’t come out yet,” a source said.
As with yesterday, shredded scrap prices are expected to see the greatest correction due to an “overabundance of supply.” Shredded prices will likely settle at down $60/gt. Cut grades, on the the hand, will likely settle at down $50/gt, although “final numbers are not expected to be available until early next week.”