UNITED STATES January 02 2017 4:39 PM
NEW YORK (Scrap Register): United States shredded scrap prices stayed stable during the week ended December 16, while major US aluminum scrap commodities weekly average prices on Scrap Register Price Index continued to remain flat.
According to The Steel Index, the weekly US Midwest shredded scrap index remained flat during the week $286 a long ton following a quiet period after the December buy week, which saw prices rise nearly $50 a long ton month-on-month.
Those mills that had not completed their buying by the end of the week were facing higher offer prices from scrap dealers, giving signs that there may be further upside in January.
In particular, scrap prices are believed to still be undervalued when compared to pig iron and general consensus is that scrap prices will rise, rather than pig iron falling, in order to reduce the spread between the two.
Market sources have pointed to an upside in the plus $20 a long ton range.
The weekly average prices of major US aluminum scrap commodities like Al/Cu Rad with Iron, Al/Cu Radiator, Alum Litho Sheets and Alum Radiator showed a flat trend during the week.