Scrap Prices North America

Domestic scrap tags flat in April

April 5, 2024

April scrap prices came in sideways in the US, as many expected, sources told SMU.

“Things were steady in the April trade,” according to one scrap source. He said he believed two mills needed to build up inventory.

The source noted that “with the rising flat rolled market, and maybe some positive macro news, (they) didn’t want to risk material drying up for them when they really need it in May and June.”

“Once those two large buyers announced sideways pricing, everyone else seemed to fall in line,” he added.

Looking ahead, he says everyone he speaks with has turned bullish for May. However, some of their views were tempered.

“That includes a lot of people who when asked how bullish they are, respond saying they don’t think the market will be down,” the source said.

Another source also voiced optimism for next month.

“The May market, although too early to call at this point, should be moderately stronger,” he said. “Steel mill outages and cutbacks will be out of the way, so demand should be better.”

A third source said most participants view April as the bottom of the market. “Expectations for May are a strong sideways as demand increases.”

SMU’s April scrap pricing stands at:

Busheling at $400-420 per gross ton (gt), averaging $410, flat from March.
Shredded at $390-415/gt, averaging $402.50, flat from March.
HMS at $310-350/gt, averaging $330, up $5 from March.

SMU’s new sister publication RMU is devoted entirely to the ferrous and nonferrous scrap markets. If you’d like to learn more, visit RMU’s homepage and take out a free, 30-day trial.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.