March Scrap Up $50-70 in Detroit

With negotiations still ongoing this week, it appears ferrous scrap prices will see a big jump in March, as was widely expected. Steel Market Update sources reported that scrap pricing announced in Detroit today was up $70 per ton on prime grades and up $50 per ton on obsoletes. Other regions of the country are likely to follow suit. Higher scrap prices lend support to higher finished steel prices.

“These increases are being accepted by mills from the Midwest to the East Coast,” said one dealer in the Northeast. “Like previous increases, these are due to bad weather, low inbound flows, a hot export market and strong demand.  It seems like a small victory for the sellers after initial offers from mills were much lower.”