UNITED STATES July 10 2014 10:05 AM NEW YORK (Scrap Register): United States shredded scrap prices continued to remain flat week-on-week at $373 a long ton in the week ended July 4th this year, as per the latest figures released by the The Steel Index.
US Midwest shredded index remained flat last week at $373 a long ton (delivered mill). With traders taking leave around the 4th of July holiday, most July business was yet to be concluded by the end of the week.
Trading is expected to begin in earnest next week for July deliveries. The direction pricing will take over the coming days is unclear, with scrap dealers talking up a $10 a long ton rise whilst mills see sideways pricing as more realistic given strong inventories that are said to exist at both mills and yards.