February Ferrous Scrap Trades Sideways

Led by the Detroit scrap buyers, ferrous scrap traded sideways in most markets that had been concluded by the end of the day on Friday. Shredded scrap prices in the Detroit area were unchanged at $330-$345 per gross ton, while prime grades continue to trade at $370-$380 per gross ton.

There were few if any cancellations of January orders that had not yet shipped by the end of the month. This is usually a sign that the steel mills need the material and delivery is more important than trying to push numbers lower. There is still snow and cold weather in the north and east, which slows down collection of scrap and deliveries to the steel mills.