Scrap Prices Weaken as Week Progressed

Ferrous scrap prices, which prior to the beginning of negotiations for the month of January were forecast to rise by $20 to $50 per gross ton, actually began shrinking as this past week progressed. Early settlements ranged from $10 on prime grades to $15-$25 per gross ton on obsolete and shredded scrap. As the week progressed, primes were flat and shredded gains were reported to be around $10-$20 per gross ton in the Chicago area.

From one of our Midwest sources, “With the overseas markets, specifically Turkey, not in the market the east coast scrap is flowing in to Midwest. Which has put downward pressure on the Midwest market.  Pricing started out at $20 above on cuts and shreds. Believe it to be at $10 today. Prime stated at $10 believe that is even at  best.”