UNITED STATES January 10 2017 6:01 PM
NEW YORK (Scrap Register): December buy-week saw even more dramatic prices rises than those seen in the same week of November.
US Midwest shredded scrap (del.Mill) saw an increase of 20 percent or $49 a long ton, taking it to $286 a long ton. This dramatic rise was unexpected in its magnitude, prompting the global scrap market to push up strongly in response, said the Steel Index.
The US market appears to be receiving a great deal of support from the belief that President-elect Trump’s policies will revitalise the US industry, with scrap and steel riding at the forefront of this optimism.
Prices were flat for the remainder of the month, at $286 a long ton, while Turkey prices rushed to catch up, rising to $291 a ton.
The US market has been heard to be pricing up again in the New Year, domestic trade happening at $10-20 a long ton above December prices.
The strength of the export market remains a potential question mark. With US prices so strong, and Turkish mills already struggling with current prices, US exports may well take a hit as buyers look to cheaper EU or Baltic suppliers.
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