Ferrous Scrap

Ferrous market shapes up
Written by Stephen Miller
May 8, 2024
After a considerable wait, the market for ferrous scrap for May shipment has started to form. The Detroit district has entered the market buying prime grades at sideways pricing and obsolete grades at down $20 per gross ton (gt) from April levels.
Ferrous scrap was generally predicted to trade in a “soft sideways” manner for May. So, those expectations seem to have been met. The Detroit buy should form a platform for other mills to adopt as the market settles over the next several days.
Update
It did not take long for other districts to enter the market after Detroit dipped their toe in. For the most part, the other districts followed along with minor variations.
The Philadelphia market went sideways across the board mainly due to the ongoing strength in the export arena.
Several markets only went down $10/gt on obsolescent grades, but prime traded sideways in all markets thus far. These prices should not draw too much resistance, if any, according to several sources.

Stephen Miller
Read more from Stephen MillerLatest in Ferrous Scrap

Mixed bids, outages, and full inventories cloud October scrap settlement
Stephen Miller reports the US domestic scrap market is on the verge of setting prices for October, although wide-scale buying is still in progress.

IIMA meeting: Decarbonization to drive demand for scrap, DRI
In the Americas, the ongoing conversion to EAF melting is driving demand for prime grades of scrap and increased use of ore-based metallics

October scrap market still up for grabs
The ferrous scrap market is still searching for clues about the direction of the October market.

Recycler BL Duke launches steel turnings containment building in Illinois
Recycler BL Duke announced on Wednesday the launch of its new steel turnings containment building in Joliet, Ill.

Brazil, US buyers reach price compromise in pig iron market
A compromise has been reached in the pig iron market, sources told SMU. Recall we reported US buyers were bidding $390 per metric ton (mt) FOB or less while sellers were holding sideways at about $400/mt.