US Northeast scrap prices settle at sideways, other regions still pending

Scrap prices in the US Northeast have settled at mostly sideways this month, as sellers in that region largely resisted mills’ attempts to take prices down.

However, prices in other parts of the US have not been as stable.

For example, whereas one mill in the South is holding firm at down $50/t on busheling and down $20/gt on shred, and a Detroit-area mill appears to be holding at down $40/gt on primes and down $20/gt on shred. A mill in the Southeast, on the other hand, also settled at sideways. On late Tuesday afternoon, a source in that region said that cut grades in the Southeast appear to be holding at sideways, whereas final numbers for shred and primes were still pending.

“I think broadly we’ll see most of the market at down $30/gt on primes and down $10-$20/gt on shredded, but there seems to be quite a bit of price variance from mill to mill and region to region,” a source said.

Final numbers are expected to be available within the next 24 hours.