Sources close to SteelOrbis have confirmed that at least one mill has come out with their October pricing. According to multiple sources, a Detroit-area mill has announced at sideways on primes and down $20/gt on shredded and P&S.
This is a shift from what was expected last week, when rumors that mills might try to take all grades down by $10-$20/gt, and perhaps by even more than that on primes, were swirling within the market. Most had been befuddled at the idea that mills would try to take primes down again this month, especially in that the United Auto Workers (UAW) union is still on strike, which has halted auto production at the nation’s Big 3 automakers.
Additional information is expected to emerge before end of business on Friday, October 6. Settled prices may not emerge until the early part of next week.