Scrap Prices North America
February 8, 2015
Ferrous Scrap Pricing Drops $80 to $110
Written by John Packard
As we reported last week, prior to negotiations beginning for the month of February market players were predicting ferrous scrap prices would drop by $30-$50 and then $50-$70 per gross ton. Then we heard prices would drop by $100 per gross ton over the months of February and March combined. When the smoke cleared at the end of this past week we found ferrous scrap prices had fallen by $80 per gross ton on obsolete and shredded grades and by $100-$110 per gross ton on prime grades such as #1 busheling and bundles.
On Tuesday of last week, Steel Market Update sources advised us that the Detroit market became the first to settle with prime grades declining by $100 per gross ton and shred and obsolete grades by $80 per gross ton. As the week came to an end, most of the regions of the country settled in that $80 to $100 per gross ton range, with some regions seeing prices adjust by as much as $110 per gross ton.
