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

Scrap market chatter in September
Comments from participants of our Ferrous Scrap Market Survey.

Prime scrap prices slip for September, other grades sideways
US busheling scrap prices have declined this month, while shredded and HMS tags have remained unchanged, according to market sources.

SMU Scrap Survey: Current Sentiment rises as Future Sentiment falls
SMU’s current Scrap sentiment index increased this month while future sentiment declined, according to our latest ferrous scrap survey data.

September scrap buying underway, busheling down
The scrap market in the US for September shipment has started to settle, with busheling seen down so far.

Ferrous export market seeks direction
The export market is looking for direction based upon the latest scrap purchases from Northern Europe by Turkish steelmakers. The sentiment was looking bearish, but sellers may see it differently.