Ferrous Scrap
Early December trading in ferrous scrap mart sees prices down
Written by Stephen Miller
December 6, 2024
The US scrap market has begun forming for December shipment and prices seem to be sagging so far.
On Thursday, an Indiana mill entered the scrap market at prices $10 per gross ton (gt) lower than November. This was soon followed by a Northwest Ohio buyer, which bought scrap down $20/gt across the board.
In the Chicago district, an integrated and an EAF producer reportedly bought virtually no scrap.
The same in the Cleveland area where the mills in this district bought very little. In Canton, Ohio, and the Pittsburgh district, prices were down $20/gt on heavier volumes.
Information out of the Midwest and North Central districts is incomplete, but prices are expected at $0-10/gt down due to weather considerations. Reports from Texas has most mills buying down $20/gt from last month.
It should be noted these prices set by steelmakers do not mean dealers have accepted these offers. However, even if there is some dealer resistance, given the small size of these purchases, it may not make any difference. We will have to wait until January to assess further.
It has been announced that the Lockport Lock on the Illinois River (MM291) will close on Jan 28, 2025, until Mar 25, 2025. This means river traffic cannot reach Chicago during this time. Shipments of pig iron could be affected. Meanwhile, shipments of scrap via barge from Chicago destined for mills on the Lower Mississippi will be suspended
Stephen Miller
Read more from Stephen MillerLatest in Ferrous Scrap
US scrap market looking soft for May
The domestic ferrous scrap market in the US is generally regarded as under downward pressure.
Export scrap market weak so far in April
The ferrous scrap export market has been thinly traded thus far in April in the Atlantic Basin.
HRC, prime scrap spread narrows in April
The price spread between hot-rolled coil (HRC) and prime scrap narrowed in April after widening since January, according to SMU’s most recent pricing data.
US scrap tags drop in April as tariff fog continues
US scrap prices declined in April for all the grades tracked by SMU amid tariff uncertainty, according to market sources.
Ferrous scrap prices poised for sharp declines in April
Last week, much attention was focused on President Trump’s “Liberation Day” tariffs and rightly so. They have thrown a big wrench into the market-reading business. Whether you are for them or against them, the potential outcomes are hazy, at best. Maybe we should not forget the basics, tariffs concerns notwithstanding. The basics of this ferrous […]