Final Thoughts
January 5, 2018
Final Thoughts
Written by John Packard
As of late Friday, Steel Market Update ferrous scrap sources reported that scrap negotiations were ongoing and had not yet settled for the month of January. We heard late in the week of one Detroit-area mill paying up $20 per gross ton on prime grades and up $30 per gross ton on cut grades. We expect the market to break open early this week, and we should have more on where prices settled in Tuesday evening’s issue of Steel Market Update.
This week will be an interesting one to see how much the steel mills truly want to collect the $40 flat rolled and $50 plate (Nucor, others expected to follow) price increases. Early indications are for $680-$700 hot rolled offers, which would be about $40 per ton higher than where our index was prior to the announcements.
