Scrap Prices Drop in August, With Bush Near Shred Is Bottom Near?

Steel Market Update sources report ferrous scrap prices declined as much as $70 per gross ton from July to August, the fifth consecutive month of declines since March–April’s record high prices. Prime scrap fell by $70 per ton from the month prior, while obsolete grades declined $15–40 per ton. For the first time since late-2020, busheling scrap is now selling at similar prices to shredded scrap.

steel scrap “Hard to believe. So much for that ‘busheling is a precious metal,'” commented one scrap trader.