UNITED STATES July 17 2015 3:45 PM

NEW YORK (Scrap Register): United States shredded scrap prices plummeted in the week ended July 10, while US aluminum scrap prices on Scrap Register Price Index stayed stable.

According to TSI, US Midwest shredded index fell $16 a long ton to $266 a long ton (delivered mill) the week. As was reported in “buy-week” last month, East coast export yards had purchased large volumes of material designated for export. 

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However, with Turkish mills dropping out of the market all together in the last few weeks, these export yards have been left in the lurch with no option but to sell the material back into the domestic market. 

This, together with a number of bulk cargoes booked into the States, served to push the market into oversupply. US mills knew this, and dropped their offers accordingly, with some prices down up to US$30/long ton depending on the region.

As per Scrap Register Price Index, United States aluminum scrap commodities also showed a flat trend during last week. The scrap prices of 356 Auto Wheels, 5052 Alum Clip, 6061 Alum Extrusion, 6063 10-10 Extrusion, Al/Cu Rad with Iron, Al/Cu Radiator, Alum Breakage 50%, Alum Litho Sheets, Alum Old Sheet traded almost flat during last week.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)