UNITED STATES June 16 2017 11:49 AM
NEW YORK (Scrap Register): United States shredded scrap prices stayed flat during the week ended May 12, while major US aluminum scrap commodities weekly average prices on Scrap Register Price Index stayed flat.
According to the Steel Index, the US Shredded Scrap Index settled flat during the week at $307 a long ton, capping off the US buy week for May. Settlements for the week varied on a market by market basis, but generally saw a $01-$10 a long ton, increase for shredded (obsolete) scrap.
In related raw material markets, the TSI Australian Export Premium Hard Coking Coal (FOB East Coast Port) lost 12% this week ending at $175 a ton. TSI’s 62% Fe fines Iron Ore Index remained relatively flat as did the TSI US HRC Midwest Index.
Lack of significant movement in related markets has brought a degree of inertia to the scrap market, with many participants looking to other related markets to gauge sentiment.
S&P Global Platts reported that US HRC may be poised for a decline, "One service center source on Wednesday said he was hearing $610- $620 a short ton ex-works from mills last week, and while he has heard conversations about lower prices, he needed to investigate."