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Sources: US scrap prices will continue rising

The US scrap market for January and February is still taking shape – but market players tell Steel Business Briefing they expect prices to continue their upward march.

“I think the demand is going to be exceeding the supply, so I think prices will remain strong,” said one West Coast market player who said shredded scrap for export to Asia was selling at around $300/long ton, fob.

Turkish steel mills are still buying little scrap because of the high global prices. US suppliers are not offering any price to Turkey because of the strong domestic demand in USA, market sources tell Steel Business Briefing.

Only one deep sea cargo from the European Union was sold to Turkey this week. This latest mixed cargo included 5,000 tonnes of busheling scrap, 5,000 tonnes of shredded and 35,000 tonnes of HMS 1&2 70:30 sold at $314/t cfr, SBB learns.

We have just completed a new animation demonstrating the operation of a VLM (Vertical Lift Module).  This animation shows how a VLM uses trays to store items of different sizes in an upright enclosed space, similar to a vertical carousel.

View the VLM animation on SJF.com

A higher than expected jump in US scrap prices has some in the scrap market feeling skittish about volatile prices, Steel Business Briefing notes.

“The numbers have gotten out of control,” said one Midwestern US scrap buyer, while predicting the market would go up again in January. “There will be no way that mills can pass along that kind of a steel increase to their customers…therefore it will create a margin squeeze on the mills, which isn’t good for anyone.”

Courtesy: Steel Business Briefing

US scrap prices could head up next month by $20-30/long ton, followed by another similar price increase in January, market sources tell Steel Business Briefing. Shredded is currently selling for about $240- 255/l.t on the domestic market.

“We are hearing that a rise in the market is expected in December, and up more in January. We hope they are correct of course,” said one southern US scrap dealer, adding that he expects a $20-30/l.t increase each month.

Source: Steel Business Briefing

The Korean government’s public procurement service (PPS) is aiming to buy its second parcel of 40,000 tonnes of US scrap for the country’s first steel scrap stockpile. This and the inaugural consignment are to arrive in Korea around mid-December.
Courtesy: Steel Business Briefing

Scrap surcharges used by Nucor and other American steelmakers to determine monthly steel transaction prices are heading down.

Due to a $25 per long ton decline in a benchmark shredded scrap price (from $260 to $235), surcharges on rebar, merchant bar, wide flange beams, light structural’s and plate will likely decline by $25 a short ton for December deliveries.

September US scrap prices for various grades have risen anywhere from $15-$24/long ton over the previous month, according to a ferrous scrap price index compiled by Pittsburgh-based Management Science Associates (MSA).

MSA’s RMDAS (Raw Material Data Aggregation Service) shows prices are up in all US regions, across the board, for prompt industrial composite, No 1 heavy melting (HMS) and shredded No 2 scrap.

Tokyo Steel Manufacturing has decided to slash scrap buying prices for all grades at all works by ¥1,000/tonne ($11/t) effective from 25 September arrivals. Japan’s largest independent mini mill announced the cut to its buying prices on Thursday, the first day that Japan returned to work after a string of national holidays.

Prior to the start of the break last Saturday, mini mills had raised prices to ensure they had sufficient stocks when they increased production over the holidays.