US Shredded Scrap prices decline to $343 a long ton

UNITED STATES February 02 2015 11:35 AMTweet 
NEW YORK (Scrap Register): United States shredded scrap prices declined $4 a long ton week-on-week to $347 a long ton (delivered mill) in the week ended January 23, as per the latest figures released by the The Steel Index.

Sentiment in the US scrap market remains bearish, with the supply overhang that dampened the January “buy-week” still remaining in the market, despite a couple of export cargoes booked for Turkey.

Combine this with relatively poor order books at steel mills and it is understandable that participants are already talking down the February market.