Ferrous Scrap Price Roundup

As reported last week, obsolete grades of ferrous scrap came under price pressure as negotiations concluded for July deliveries. Prime grades, however, saw prices move sideways as the spread between shredded scrap and primes increased.

The product that saw the most movement was shredded due to excessive inventories and little movement on the export front off the east coast, which caused some of the exporters to offer shred into the domestic markets. Cut grades (like HMS and plate & structural) were not down as much as supply was tighter. Prime grades continue to be in tight supply with strong demand from the EAF sheet mills.