Oil’s First Casualty: Ferrous Scrap Pricing

Ferrous scrap prices were forecast to be up $30 per gross ton as little as one week ago. According to one of our East Coast dealers there were some early sales at up $20 to $30 to those steel mills who needed to buy immediately. However, those deals were few and far between and the numbers came off quickly.

We have been advised scrap prices in the Chicago area, Ohio Valley and Pittsburgh have pretty much settled. The Chicago market is reported to have cuts up $10 and prime grades (such as Busheling) are sideways. Pittsburgh has cut and shredded sideways and primes up $10. Cleveland market appears will be sideways on all products.