Predictions last week that US domestic scrap would trend “soft-sideways” have moved more firmly to an expected sideways trend, although the market has not settled as of yet.
On Monday this week, two mills this week sent out cancellation notices for undelivered shipments from March, and sources told SteelOrbis at the time that the cancellations might mean mills would attempt to bring scrap prices down this month. But in the days afterward, numerous mills in the US came out with sideways pricing, leading to firm expectations of an overall sideways trend.
April scrap prices are expected to settle by the end of this week.