US scrap still likely sideways for May

Thursday, 02 May 2024 17:16:45 (GMT+3)   |   San Diego
       

Sources within the US scrap market say prices will still most likely trend sideways this month, despite a few last-minute cancellation notices that some worried might take the trend from firm sideways to soft-sideways.  

However, sources note a similar situation happened before the April buy-cycle, and scrap prices remained firm month-on-month. Additionally, sources report scrap flows are “good enough to support demand, which seems like it will be very consistent with what was needed for April.”

Just prior to the cancellation notices, some in the market thought there was room for a slight uptrend on primes, leading some to believe the notices were a “message” that prime grades should stay level as well.

Another source agreed that the market is “flat,” but depending on how much inventory mills are holding, “there is always the possibility that as the buy cycle starts, the mills will want to buy heavy, as it does feel like the bottom of the market.”

The May buy-cycle is expected to begin next week.


Similar articles

Boston dock delivered HMS I/II 80:20 scrap prices updated for November

02 Nov | Scrap & Raw Materials

Boston dock delivered P&S scrap prices updated for November

02 Nov | Scrap & Raw Materials

Dock delivered prices for P&S scrap in New York updated for November

02 Nov | Scrap & Raw Materials

Dock delivered prices for HMS I/II 80:20 scrap in New York updated for November

02 Nov | Scrap & Raw Materials

Philadelphia dock delivered HMS I/II 80:20 scrap prices updated for November

02 Nov | Scrap & Raw Materials

P&S dock delivered scrap prices in Philadelphia updated for November

02 Nov | Scrap & Raw Materials

US hot-rolled coil pricing largely flat on the week following recent spot market slump

01 Nov | Flats and Slab

Some Turkish mills revise their domestic scrap purchase prices

01 Nov | Scrap & Raw Materials

Global View on Scrap: Turkey’s import market may have hit bottom, Asia struggling for stability

01 Nov | Scrap & Raw Materials

US November scrap prices now seen sideways to potentially lower as multiple mills cancel orders

01 Nov | Scrap & Raw Materials