US Shredded Scrap prices remain unchanged; Aluminum Scrap prices continue to stay flat

UNITED STATES August 17 2016 7:30 PM

NEW YORK (Scrap Register): United States shredded scrap prices remained unchanged during the week ended July 01, while major US aluminum scrap commodities weekly average prices on Scrap Register Price Index continued to stay flat.

According to TSI, US Midwest shredded scrap index remained flat during the week at $250 a long ton. The lull in the East Coast export market was broken this week as three major bulk scrap shippers accepted bids from Turkish mills.

It was reported that one exporter had offered scrap to a domestic Midwest mill at $245 a long ton, however this was declined and hence the material was bound for the export market. 

Participants believe there is currently too much scrap in the domestic market with material due for export being offered in the Midwest. This is expected to place downward pressure on domestic price levels, in turn creating bearish sentiment for July buy week.