UNITED STATES October 29 2014 9:10 AM
NEW YORK (Scrap Register): United States shredded scrap prices continued to remain flat week-on-week to $360 a long ton (delivered mill) in the week ended October 24, as per The Steel Index.
According to TSI, bearish tons dominated the market chatter in anticipation of negotiations for November scrap buys.
US East Coast exporters were heard offering material at lower levels than their European counterparts, which hints US domestic scrap could be in line for another fall next month.
With declining mill utilization rates and continuing low levels of export there is likely to be a supply overhang in the market which will pressure pricing.