UNITED STATES October 10 2014 6:20 PM
NEW YORK (Scrap Register): In the US, talk was still largely bearish heading into the second week of October.
Mills continue to talk up further falls in scrap pricing, with particular emphasis on obsolete grades. Exports are expected to continue to be few and far between owing to falling international scrap prices, whilst mills are forecasting a correction in domestic finished steel prices, all of which create overriding bearish sentiment going forward.
US domestic shredded scrap index monthly average fell by $3/long ton (-0.8%) m-o-m in September. Prices were mostly flat compared to August prices throughout September, but fell dramatically in the last week of the month when buying for October commenced.