Ferrous Scrap Prices Flat to Slightly Higher in November

Scrap pricing for November is difficult to generalize with notable regional differences, but for the most part obsolete grades have traded sideways while prime grades have seen a small increase, sources tell Steel Market Update. Scrap prices for December are widely expected to move higher, lending further support to higher finished steel prices as the year comes to an end.

“Prices are still liquid today [Tuesday] as mills that have not covered continue to seek material and third-party brokers try to build long positions into December. In late trading, prices are moving up in Chicago while markets to the east and south are trending sideways,” reported one dealer.