US scrap market stalls as mills delay August pricing

The US domestic scrap market seemed to get off to a fast start on Tuesday, but things have begun to get drawn out again as mills are still considering August pricing. Several of the larger multi-mill buyers have not officially settled.

Several districts have settled at mixed numbers. The price tags in the Northern Ohio and Pittsburgh area markets have seen HMS fall $20 per gross ton (GT) with shredded scrap trailing at down $10/GT. The prime grades and P&S held sideways. In the Detroit district, there was no change on Busheling and P&S, but shredded dropped $10/GT.

Stephen Miller

Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40-plus years, he has worked in all capacities in the trading business. He has had positions in both domestic and international scrap trading. In addition to scrap, Miller was at the forefront of the pig iron trade and established a pig iron distribution company under the name of Ferrosource, Inc. Most recently, Miller has concentrated on the scrap export market and regularly does consulting for several companies in the industry.