UNITED STATES August 21 2015 7:35 AM
NEW YORK (Scrap Register): United States shredded scrap prices plummeted in the week ended August 07, while copper scrap prices on Scrap Register Price Index stayed flat.
According to TSI, US Midwest shredded index fell $25 a long ton to $238 a long ton (delivered mill) this week. Prices dropped across the board, but the severity varied by grade and region.
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Participants stated that talk of lower prices over the last couple of weeks had prompted a lot of material to be brought into yard gates. Detroit yards faced competition from Canadian imports, who were able to sell at near to parity from last month due to currency fluctuations.
Mills were heard pushing for down $30 a long ton, but the fact that settlements were made slightly below this has led some participants to suggest a bottom may have been reached, given yards ability to counter offers.
As per Scrap Register Price Index, major copper scrap commodities like #1 ins wire (cu 88-92%), ins wire (cu 58-62%), al/cu radiator ends, alternator, bare bright (cu >99%), copper scrap, cu transformer large, cu transformer small, electric motors, enameled copper wire, no. 1 copper (cu 96-98%), no. 2 copper (cu 94-96%), no. 3 copper (cu 88-90%), sealed unit, starter, transformer winding (85%) showed almost a flat trend during the week.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)