US Shredded Scrap average prices plunge by $24 a long ton during April

UNITED STATES May 12 2017 6:01 PM
NEW YORK (Scrap Register): United States shredded scrap monthly average prices plunged by 7.3 percent month-on-month to $300.75 a long ton during the month of April this year, according to the Steel Index.

The US market, taking cues from Turkey, was also fairly direction less for much of the month. Following a $24 a long ton fall in the April buy week, the market remained flat for the month. The US market is also expecting prices to rise again moving into May.

April showed a weak start in the US, with the April buy week seeing prices slip by $24 a long ton to $301 a long ton. Sentiment looked to be improving by the end of the Buy Week, but prices remained depressed compared to the previous month.

Many US dealers looked to take advantage of the firmer scrap prices in Turkey at the start of the month, however with the referendum, demand was tepid at best as the month progressed.

Prices in the US remained flat for the month, falling merely $1 a long ton over the entire month. Mixed sentiment across steel markets globally over April meant many market players were withdrawn, waiting until May to see where prices would go.

Most market sources expressed optimism for May and were expecting to see prices rise in the May buy week.