US Shredded Scrap prices plummet to $257 a long ton

Feb 11, 2015 17:43

Source:SMM

United States shredded scrap prices plummeted by $43 a long ton to $257 a long ton (delivered mill) in the week ended February 06, as per the latest figures from the Steel Index.

UNITED STATES February 11 2015 2:40 PM

NEW YORK (Scrap Register): United States shredded scrap prices plummeted by $43 a long ton to $257 a long ton (delivered mill) in the week ended February 06, as per the latest figures from the Steel Index.

Over the last two weeks the market has suffered what can only be described as a capitulation, with TSI’s index dropping $86 a long ton from January.

Sell-side participants had little choice but to simply try to protect cash flow and worry about the consequences of the low pricing later. Some sales are also yet to be concluded, with buyers in no rush to secure material.

Few saw such a deep correction coming, with participants citing the depressed iron ore and oil prices, along with the strong US dollar and increased steel imports as the main protagonists. Some mills were even heard to be buying no material for February.

However this situation has been prevalent for a few months now, leaving some bemused as why the correction has been so sudden and severe.

Something that is for sure is that the past couple of weeks will certainly live long in the memory for those involved in the scrap business.

the Steel Index

US shredded scrap prices

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US Shredded Scrap prices plummet to $257 a long ton

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