UNITED STATES February 04 2015 6:44 PMTweet
NEW YORK (Scrap Register): United States shredded scrap prices plummeted by $43 a long ton to $300 a long ton (delivered mill) in the week ended January 30, as per the latest figures from the Steel Index.
Some sales have been completed the week at significantly lower levels to previous sales, as yards urgently look to place tons.
Prompted by the large correction in Turkish prices, US mills are now said to be starting negotiations for February buys at nothing less than down $50 a long ton from January prices.
The market is in a severe state of oversupply – mills who were previously carrying strong scrap inventories have now cut output, whilst domestic finished steel prices have plummeted by some $40-50 a ton in the last few weeks.
The scrap prices for brass, copper and nickel & alloy are showed an up trend on Scrap Register Price Index as on Wednesday, while hallmarked and non-hallmarked gold scrap prices posted a decline. Aluminium and electronic scrap prices remained flat.