Product
September 5, 2024
Ferrous scrap mills have entered September market
Written by Stephen Miller
Great Lakes-area mills have entered the September ferrous scrap market in a surprisingly prompt manner.
Mills in Detroit have reportedly bought scrap sideways from August, with the exception of shredded scrap, which fell $20 per gross ton.
The prices aligned with various trade projections, except for plate and structural (P&S) and HMS, which appeared to be undervalued given their stronger performance.
In speaking with a large scrap seller in the Midwest, he said Chicago has not officially bought yet and since mills there are going to buy scrap at a near-normal level, the prices Detroit paid may not play well in Chicago.
There is doubt shredded can go down very much in the Midwest, even with upcoming outages. The next several days will determine whether prices can drop at all.
