More US scrap price negotiations for August steel mill requirements were concluded through Friday with prices surpassing July's low levels by wide margins -- and in some cases -- also exceeding June pricing, market players told Platts.
Supply-side issues pushed up prices for August scrap volumes, and by the time most negotiations were well under way on Wednesday, price offers were heard to be $50-70/long ton higher than early-July prices.
The price of benchmark ferrous scrap averaged $431.36/lt delivered to Midwest mills in May, $374.29/lt in June, and $336.90/lt in July, based on Platts market data.
On Friday, the Platts daily assessment for shredded scrap moved up $42.50/lt to $405-410/lt delivered Midwest US mill with shredded being sold for as high as $425/lt in the Southeast.
Prices for other grades settled at $410-415/lt for No 1 busheling, $390-395/lt for plate & structural scrap and $350-355/lt for heavy melting scrap, all delivered Midwest mill, according to market participants.
Deals for shredded scrap in the Ohio/Pennsylvania area were reported at $400/lt earlier in the week, but had moved up to $410/lt by Thursday.
"Pricing is just all over the place based on different buy programs," one East Coast scrap trader said.
An eastern US-based scrap yard source added, "We are riding the coattails of the steel industry. When they are running over 70-75%, there is demand and I think operating rates have been pretty consistent, but it is the supply end of things causing the [August] spike in the market -- this is an inventory issue."
Saturday, August 4, 2012
August steel scrap US price settlements much higher than July
Related Posts
Asian markets mixed amid eurozone uncertainty
21/08/2012 - 0 Comments
Wheat up on Russian supply woes, but faces 4th week of declines
17/08/2012 - 0 Comments
Copper gains on softer dollar, Merkel comments
17/08/2012 - 0 Comments
0 comments