January Ferrous Scrap Prices Forecast to Rise $20 to $50

Ferrous scrap prices are expected to rise as we enter the New Year. Early indications are for scrap prices to make a rather serious move as cold weather sets into the North, further reducing already weak flows of the material into the scrap yards. Prices are forecast to move a minimum of $20-$30 per gross ton on prime grades and we are hearing from our market sources that scrap prices could reach $50 per gross ton in certain markets on heavy melt since much of the HMS material is being shredded.

We understand there has been one sale of shredded scrap made to a mini-mill in Ohio at $445 per gross ton delivered which is up $25 per gross ton above their December pricing.