Still waiting for November scrap settle post-election

The US and Canadian ferrous scrap markets for November have not settled following the US presidential election. There doesn’t seem to be a key indicator as to why November prices haven’t settled yet. For the ferrous scrap market, I can’t see a big change occurring. Nothing short-term, anyways. The mills don’t seem to have a view, either, or at least they aren’t showing a lean in any direction.

The most recent sentiments are looking weaker for scrap tags. There are still persistent outages and demand is not rising for coils. But, going into winter, I will go out on a limb and predict any downward pricing in November, especially in Chicago and Detroit, will be met with dealer resistance. The mills may force-feed it to the trade, but they will have to pay the larger suppliers at least sideways prices to get their tons. Any downward movement will make December and January that much more expensive.