Prices
March 7, 2024
Written by Stephen Miller
A Detroit area steelmaker on Thursday morning announced significantly lower offers for March scrap shipments. The drop in its offer prices was larger than most industry observers had forecast, especially for shredded scrap.
Here are the prices being offered in the Detroit district:
Sheet and plate prices continued to move higher on market dynamics that have carried headlines for much of the second half of the year: scarce spot tons, long lead times, production delays, lean inventories, and stable demand.
Ferrous scrap prices appear to be up in October as trading gets underway, according to preliminary reports from market sources. One source said a Detroit-area buyer purchased shredded and plate and structural (P&S) at up $20 per gross ton (gt), with busheling up $10/gt. A second source said shredded and cut grades look like they'll be up $20, but trading hasn't begun in earnest yet as of Tuesday morning.
Nucor's consumer spot price for hot-rolled increased by $10/st w/w on Monday, Oct. 5 to $1,230 per short ton.
SSAB Americas aims to increase base plate prices by at least $60 per short ton (st), according to a letter sent to customers on Monday.
As substrate costs continue to rise, Nucor Tubular Products announced a price increase for heavy structural sections (HSS), mechanical, and piling products.