US
domestic scrap markets have shown a significant hike in prices for ferrous scrap. Prices
moved up by $50-70/MT from the levels seen in early-July. The prices have also
surpassed the mid June price levels in the US domestic markets.
Further,
US shredded scrap prices reached at $405-410/MT Ex Midwest mills i.e. up by
$65-70/MT from early July. Some trades were also being heard happened at
$425/MT.
Reportedly,
HMS was heard being sold at $350-355/MT. Busheling scrap
traded at $410-415/MT and P&S scrap traded at $390-395/MT. (All prices are for Ex Midwest mills).
In
addition, US scrap suppliers have also raised their offers to East Asia. US
containerized HMS 1&2 (80:20) to Taiwan and China now offered at US$390-397/MT
CFR i.e. up by $5-10/MT CFR from late July. Offers to Turkish mills have also increased.
Currently, HMS 1&2 (80:20) is being offered higher by $5-10/MT at US$390-395/MT
CFR compared from the offers seen before Ramadan.
According to a major exporter in US, “US scrap export prices are unlikely to move up in much extent due to lower
demand in global steel markets coupled with the low steel billet offers.”
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