Ferrous Scrap Pricing for May “Strong Sideways” to Slightly Higher

It is the first week of May and the negotiations between the long and flat rolled steel mills have been in full swing all week. By late today (Thursday) word of how the scrap dealers had fared has been coming into our offices. The first region to settle was Detroit which was up $10 on prime grades with busheling coming in at $360 per gross ton delivered. The other items remained unchanged with shredded scrap at $300 per gross ton and #1 HMS at $275 per ton.

With the domestic steel mills not canceling their April open scrap orders that had not been delivered by the last day of the month, we had an early indication that the mills were expecting sideways to slightly higher numbers.