Sideways trend likely for US scrap prices in May

Friday, 12 April 2024 23:50:08 (GMT+3)   |   San Diego
       

After the US domestic scrap market trended sideways this month, sources tell SteelOrbis another sideways trend could be likely for May, although there’s potential for a slight uptrend.

One source said that while May scrap prices are largely expected to move sideways like they did this month, there has been a slight evolution in buying negotiations, adding that in March, sellers did not perceive any urgency from buyers, as “it seemed like no one wanted/needed scrap.”

This month, however, buyers are reportedly eager to firm up commitments and work out logistics, which could mean they’re “trying to get as much as possible for the current price just in case scrap prices rise next month.”

But even if scrap prices rise, sources say the increase will be nominal, such as up $10/gt to as high as $30/gt.

Overall, most sources are pegging early predictions for May scrap at a solid sideways trend. “I think sideways is the best call at this point,” one source said. “We see healthy shipments with suppliers saying flows are solid. Even if mills take prices up, I think there is enough scrap to cover demand which keeps prices in check.”


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