US domestic scrap offers likely to fall by $30/MT in July, say experts

According to the
market sources, it is reported that scrap prices in US domestic markets likely
to fall by US$30/MT in July.

Demand for the
material is still not encouraging in the market like past few months. Some
steel mills postponed the production or shut the mills for maintenance. 

Some mills are also
likely to stop the purchases of scrap due to falling demand of finished long
and flat products in US. Also, the US scrap export prices have continued
falling over the past one month. It has supported domestic suppliers to cut
their offers 

Currently, offers for
HMS 1&2 (80:20) remained at $ 360/MT Ex Midwest mills. While, shredded
scrap offered at $ 370/MT Ex Midwest mills.