US Shredded Scrap average prices advances to above $300 a long ton during May

UNITED STATES June 12 2017 10:05 AM

NEW YORK (Scrap Register): United States shredded scrap monthly average prices advanced by 2.1 percent month-on-month to $307 a long ton during the month of May this year, according to the Steel Index.

The US Market was equally stable following a price rise in the May buy week. Prices remained flat following this, with the Turkish market stable, and little change of note to supply/demand fundamentals in the US domestic market.

The US scrap industry began the May buy week in earnest with the US Midwest Shredded Scrap Index moving up $7 a long ton from the previous week to settle at $307a long ton.

The scrap market remained flat for the remainder of the month, however, as a result of the Turkish market being stable, little change in terms of domestic demand, and a certain degree of uncertainty over the outlook for scrap prices.

Demand for primes grades remained tighter than for obsolete grades. A steady flow of material was finding its way into Turkey, but there still seems to be a glut of obsolete grades on the US East Coast.

Looking to the June settlements - market participants are fielding mixed signals in terms of cancellations and early market sentiment. General consensus seems to be from sideways to slightly down for shredded scrap depending on the regional market and supply availability.