Scrap Prices North America
February 5, 2017
Early Scrap Down $25-$40 on Shred/Obsolete and $10-$35 on Primes
Written by John Packard
Over the weekend, we were able to discuss the status of ferrous steel scrap negotiations for February with a couple of scrap dealers as well as one individual associated with the pig iron markets.
The Detroit areas mills were the first to settle and the decline in shred and obsolete grades was not as dramatic as some thought it could be. One of our sources told us, “Regarding the scrap market, looks like the Detroit area bills came out down $25 for cut grades and shredded but only down $10 for prime. This intelligent move caught Nucor and SDI by surprise. Those mills are trying to force the market down $30 across-the-board. Whether they’ll be successful remains to be seen.”
