UNITED STATES July 14 2017 3:24 PM
NEW YORK (Scrap Register): United States shredded scrap monthly average prices fell to below $300 a long ton during the month of June this year, according to the Steel Index.
The index for shredded material declined by 3.6 percent month-on-month to $296 a long ton.
Early sentiment leading into June settlements was that prices would be sideways to slightly down for shredded scrap, dependant on the regional market and supply availability.
The regions experienced some price variations, with coastal markets settling higher than the interior markets. Moreover prime grades settled sideways for the month.
The scrap market remained flat for the remainder of the month, however, as a result of the Turkish market being stable.
Little changed in terms of domestic demand and a certain degree of uncertainty entered over the outlook for scrap prices. This, combined with the month of Ramadan calming the Turkish market, led to a dearth of trading activity.
Demand for primes grades remained tighter than for obsolete grades. A steady flow of material was finding its way into Turkey, but there still seemed to be an oversupply of obsolete grades in the US Midwest.
Market participants indicated that $300-$305 a long ton could be achieved by coastal shredders and so this rise in export prices has reduced the likelihood of a falling market in July.