Scrap Prices North America
Early Reports Have Shredded Scrap up $30 in Detroit, Pittsburgh, Cleveland
Written by John Packard
November 5, 2013
According to Steel Market Update (SMU) sources scrap prices are headed higher for the month of November delivery into the domestic steel mills. Early reports have Detroit settling up $30 per gross ton on all grades. We have also heard shred prices are up $30 per gross ton in the Cleveland and Pittsburgh markets and up $20 on prime grades.
SMU heard from one of our East Coast sources who told us, “East is looking like it’s up $20/GT but only 3 mills buying. We are doing deals in the OH Valley and Southeast at up $30/GT for shred and cut grades. Primes look like they are higher by about the same. The market is developing still – we just started selling scrap.
“Exporters are higher by $20 at this point but I think they are headed higher. In fact I think all grades are headed higher in Dec and January. Flows are very light. Mills are saying that demand is poor – especially in the OH Valley – but there isn’t much scrap around to sell.”
The mill reporting poor business was Timken and not one of the flat rolled mills.
Pig iron pricing is reported to be $390-$395 per metric ton, CFR NOLA (New Orleans).
John Packard
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