US scrap surcharges to decline, could impact November prices
A key US shredded scrap price that determines surcharges for a number of steel products, especially longs, has declined by $30 a long ton – from $370 to $340, Steel Business Briefing learns.
As SBB previously reported, the shredded scrap price was expected to decline by at least $20/l.t.
Source: Steel Business Briefing
US steel prices could see a short-term bump on the back of increasing scrap prices, but most likely will follow a downward trend into the first quarter of next year, according to the market research manager of a major American coated flats distributor.
Cleveland-based Majestic Steel’s Josh Spoores says in a monthly report distributed to clients and industry observers that a combination of market conditions has him leaning toward a scenario of falling prices through year-end and into early 2011.
Source: Steel Business Briefing
US scrap market apparently strengthening for August
US scrap sources tell Steel Business Briefing the market for August appears to be heading slightly upward, at least tentatively, following several months of declining prices.
“There is no question that the market is firming and will be up $10 to $20 a long ton in August – but (it’s) not a real up market,” said one source on the US west coast.
Source: Steel Business Briefing
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