November scrap tags settle sideways, sources say

November ferrous scrap prices landed even with October as the market settled, sources told SMU.

“All grades went sideways for me this month,” a source in the Ohio Valley said.

A second source agreed, saying the sideways move for November made a lot of sense for the mills. (For a recap of the November market, click here.)

SMU’s November scrap pricing stands at:

Busheling at $375- 405 per gross ton (gt), averaging $390/gt, even with October.
Shredded at $360-380/gt, averaging $370/gt, level with October.
HMS at $315-345/gt, averaging $330/gt, the same as October.

The Ohio Valley source said the expectation is this will be a 60-day market to the end of the year, followed by a $20-30 increase in January.

A third source also sees a near-term rise. “I think we will get a lift in the market at some point in the next 60 days but I don’t know yet whether it comes in December.”

He called December a “strong sideways” at this time, but it was still too early to tell.

The third source noted it hinges on whether mills want to lay down some scrap before the end of the year, “but I am not sure that they do or will be able to.”

“Export is a little stronger than it had been, but I don’t see it moving that much higher than it currently is in the near term,” he added.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.