US scrap prices to see huge decline in September
In September, US scrap market insiders are expecting a major drop in prices. In some regions of the country, scrap prices have already started to decline in recent days. Shredded scrap prices could fall by as much as $155 /lt to a level of around $400 /lt; while HMS I is expected to drop by around $145 /lt to the level of $300 /lt.
The huge price drop is mainly due to the weak export market,. Turkey, which is traditionally the leading scrap importer from the US, enters the month of Ramadan at the start of next week along with the Middle Eastern countries, and, therefore, foreign scrap demand may continue to be slow in September. The market is still looking for equilibrium, so prices are expected to settle more next week with the new pricing levels becoming more apparent. Source: SteelOrbis.com