US shredded scrap prices may trade sideways to up in July

UNITED STATES July 17 2014 2:15 PM
NEW YORK (Scrap Register): Talk in the run up to the July “buy-week” in the US Midwest scrap was of pricing being sideways-to-up, with sellers of scrap talking up a $10 a long ton rise.

However, predictably, mills cut a different tone, arguing that strong inventories both at mills and scrap yards mean that they see little reason why prices would jump. The truth is probably to be found some-where in the middle.

According to TSI, US domestic shredded scrap index monthly average fell almost $15 a long ton (-3.7%) m-o-m in June, as prices slid further from the drop seen in May.