Ferrous Scrap

Ferrous scrap mills have entered September market
Written by Stephen Miller
September 5, 2024
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.
Stephen Miller
Read more from Stephen MillerLatest in Ferrous Scrap
Cliffs offloading some FPT assets, considering HBI plant sale as well
Lourenco Goncalves confirmed that Cleveland-Cliffs is actively selling off portions of its Ferrous Processing and Trading (FPT) assets. Its direct reduction plant in Toledo, Ohio, may also be up for grabs...
Ferrous scrap export market activity sizzles
There has been renewed activity in the scrap export market in the Mediterranean Basin during the last week. Most of the activity occurred in Northern Europe and the Baltic regions with prices basically staying sideways to up slightly.
Miller on Scrap: Analyzing the November market from different angles
Since the October prices came out there have been a variety of speculative opinions on what the November looks like from several sources SMU regularly contacts.
Busheling and shredded tags drop, widening HRC vs. prime scrap spread
US scrap prices fell on busheling and shredded in October, while HMS remained flat, market sources told SMU.
Obsolete scrap pinned by freight and weak export flows
here has been considerable activity in the export scrap market in the Mediterranean Basin over the last 10 days. Prices have inched up after recovering from a brief dip in September. Prices range from...
