Ferrous Scrap Prices Up $20 in August

Steel Market Update sources report that ferrous scrap prices have turned around after repeated declines in the first half of the year and are settling up $20/GT for August, lending support to recent price increases on finished steel.

“Demand is about the same for August as it was in July, there is just a little less scrap in the market,” said CRU North America analyst Ryan McKinley. “Mills are not inclined to drop scrap prices again given that it could lead to a tighter market and would hurt their chances of securing higher finished steel prices.”