The September scrap trade in the US is unlikely to start until Tuesday of next week, sources said, adding that settled prices will probably come before Friday September 8th.
Similar to the past 2 weeks, sources continue to report a widespread believe that prices will settle at sideway to slightly up from August settled levels, with shredded and P&S scrap prices holding mostly stable, and HMS possible firming “slightly” based on the region.
And while there is still some question as to whether a possible United Auto Workers (UAW) union strike will happen (which would impact the availability of prime scrap throughout the duration of the strike), the UAW has set a negotiations deadline of September 14. As such, primes scrap is expected to hold stable in September, with the possibility of an uptick in pricing going into October, should the strike be initiated.