Scrap Prices Expected to Fall Further in July

Steel Market Update sources expect ferrous scrap prices to fall again in July, the third consecutive month of declines since March and April’s record high prices. Both prime and obsolete grades are expected to decrease $50 per gross ton or more, with some saying prime could fall as much as $100 per ton.

“The swiftness and force with which the export market has dropped over the last 75 days was remarkable,” said one Northeast scrap executive. “This puts export pricing at a significant discount to US domestic prices, laying the groundwork for a weaker July market here.”