UNITED STATES June 11 2014 10:35 AM
NEW YORK (Scrap Register): United States shredded scrap prices declined sharply by $17 a long ton week-on-week at $368 a long ton in the week ended June 6th this year, as per the latest figures released by the The Steel Index.
According to TSI, US Midwest shredded index (delivered mill) fell by nearly 4.5% last week, as “buy week” kicked off in earnest.
Buyers went after competitively-priced (well-supplied) shred, leaving the HMS/P&S cut segment firmer in comparison.
Chicago and Detroit saw shred prices moving down as much as $20 long ton, and the spread to non-frag scrap throughout the Midwest is now markedly compressed.
Nevertheless, the Ohio market seemed firmer after initial bookings were made, in comparison to other regions which seemed settled for the most part, as the availability of shred gradually decreased.
Initial talk in the market is for firmer pricing in July.