UNITED STATES November 02 2016 5:18 PM
NEW YORK (Scrap Register): United States shredded scrap prices declined sharply during the week ended September 09, while major US aluminum scrap commodities weekly average prices on Scrap Register Price Index stayed steady.
According to TSI, US Midwest shredded scrap index dropped sharply by $15 a long ton this week to $221 a long ton (del. Mill). Mills entered the market this week with bids to scrap suppliers down $20 a long ton on obsolete grades when compared to August pricing.
Demand from mills for scrap has dropped dramatically, whereas supplies have remained at levels seen in August, hence the market has been significantly oversupplied this week.
As reported by S&P Global Platts, suppliers have also asked mills to take on additional tonnages whilst reluctantly selling at these lower levels.
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 showed almost a flat trend during the week.