The US scrap market has not settled yet, sources note, adding that there has been “quite a bit of pushback” at mills’ desire to take some prices down. Although it largely seems that shredded scrap prices will trend down by $20/gt from September settled levels, other grades are likely to hold at sideways.
“Cleveland and Pittsburgh have not been fully established,” a source said. “Primes will be sideways, P&S and HMS should be sideways, and shredded will probably be down by $20/gt.
Others agree.
“I’m hearing that busheling will be sideways all over, and P&S seems to be as well, a second source added. “Turnings and HMS should be sideways as well, and maybe even up in a few places. I think shredded will be down $10-$20/gt. We expect the market to settle slowly.”
Settled prices are expected to emerge at the start of next week.