US June scrap markets seen sideways to soft-sideways on sluggish demand

Thursday, 16 May 2024 09:21:14 (GMT+3)   |   San Diego
       

US scrap markets for June are most likely to settle sideways to soft-sideways compared with May on the heels of continued low spot market demand, though SteelOrbis contacts caution it remains early in the month to make a solid call.

"It’s still a bit early but (scrap) pricing isn’t looking promising,” said one SteelOrbis scrap contact. “It seems we are in for a soft sideways market depending on grade and region.”

Another contact predicted more stability for June scrap pricing as some sellers might try to hold back supply given recent price declines. “I would guess sideways for next month as of now. Mills want to push scrap down but don’t want to erode their pricing on the other end,” the contact commented.

And, since demand isn’t overly strong, he continued, “Mills that are marginally profitable or those with deep pockets may pull back production. Others who view themselves as low -cost producers may push on through. It should be rather interesting.”


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