Ferrous Scrap Prices for September: Firm Sideways to Up $10-$20

Steel Market Update (SMU) had been hearing that we should expect sideways scrap prices as we move into September. However, over the last couple of working days the signals are now pointing toward a strong sideways to slightly higher tilt to ferrous scrap pricing. We have heard numbers could go up as high as $10 to $15 per gross ton above the August levels.

In an email to SMU, scrap guru Mike Marley of SteelPrices.com (and one of our speakers at this year’s Steel Summit Conference in Atlanta) pointed to scrap exports as being key to prices in September. “At this point I’m still in the sideways school, with a few exceptions.  Let’s talk about exports first because that could be the driver.  If exports to Turkey are on the rise as some believe, that could have an impact along the East Coast.  I believe the Turks have sucked dry all the western European export yards.  Also, they can’t get any scrap or semi-finished from Ukraine and no scrap from Russia.  Different reasons for the two countries.  For Ukraine it’s the war.  In Russia the barge operators are busy hauling grain.