UNITED STATES June 01 2016 10:24 PM

NEW YORK (Scrap Register): United States shredded scrap prices dropped during the week ended May 20, while major US aluminum scrap commodities weekly average prices on Scrap Register Price Index stayed stable.

According to TSI, US Midwest weekly shredded scrap index dropped $3 a long ton to finish the week at $269 a long ton (delivered mill). 

Due to the export market coming to a halt this month, suppliers of scrap have attempted to ship more material to their customers on their domestic May orders, resulting in mills having to turn down additional tons. 

An oversupply in the market has therefore led market sources to believe that scrap prices will be under pressure in June. 

This is compounded by the fact that those mills that required additional scrap have been able to complete mid-month deals at no premium to May buy-week prices, an indicator that scrap in the Midwest currently remains plentiful.

The weekly average scrap prices of Al/Cu Rad with Iron, Al/Cu Radiator, Alum Breakage, Alum Litho Sheets, Alum Old Sheet, Alum Transformer and Mix Alum Casting remained almost flat during the 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)