Ferrous Scrap Prices Rise $30-40 in December

Ferrous scrap prices settled up $30-40/GT in December for most regions and most grades, on top of the $15-20/GT increase in November, lending further support to rising finished steel prices.

Not only did prices find support from seasonally tighter scrap supply, but mill demand was stable or higher month over month for most regions, said CRU North America Senior Analyst Ryan McKinley. Mills that entered the market early generally secured the lowest prices at around $30/GT higher. Increased demand in the Ohio Valley and the South amid limited supply availability caused mills in those regions to pull from the Great Lakes or East Coast regions, causing prices to rise further late in the trade week.