Final Thoughts
June 3, 2021
Final Thoughts
Written by John Packard
Today, the domestic steel mills in Detroit began buying ferrous scrap for June up $60 per gross ton on prime grades (busheling and bundles) and up $50 per gross ton on cut grades and shred. It is anticipated the rest of the country will follow the Detroit lead.
One of the questions we are constantly asked as we speak to steel buyers around the country: How is demand and are you seeing any demand destruction due to the high commodity prices such as steel? Most customers are telling SMU that demand remains quite strong, steel continues to be in short supply, and the steel mills are slowly catching up on late orders.
