December Scrap Pricing: Next Move is Up

We learned late this afternoon that two domestic steel mills are offering to pay higher prices for shredded scrap from east coast dealers. Shredded scrap buy offers have been made at $180-$185 per gross ton up $10 to $15 per gross ton higher than November numbers (and higher than October numbers since November prices moved sideways to up slightly on the east coast).

One of our scrap contacts told us, “Ferrous exports off the east coast, in both bulk and container, have been and continue to be at a price level that will keep scrap from moving off the coast and into the domestic market. This price relationship will last throughout the year.”