Early Ferrous Scrap Indications are Down $5 to $22 per ton

Ferrous scrap price negotiations are beginning with at least one deal getting done in Detroit within the past few days at down $22 per gross ton. However, as one scrap dealer explained to us earlier today, scrap prices are all over the board. There are steel mills who are bringing furnaces back online and others who are taking them down. Geography makes a difference.

One east coast scrap dealer told us, “Prices are all over the place in June.  Flows are still elevated because of the season but they will eventually fall off over the course of the next month.  Export prices cif Turkey are steady, and more importantly at levels that are advantageous relative to shipping scrap domestically.