Author: 06 Jun 2011 Last updated at 05:34:39 GMT

Steel scrap prices soar on rising demand from US mills

DAWSONVILLE (Scrap Monster): Steel scrap prices soared by $20 per ton in the first week of June due to strong support orders off east coast of US; and as mill buyers in Midwest are on a buying spree to secure supplies for the next two months.

Ferrous scrap prices were supposed to be sideways to up a few dollars this month. However, it has been reported by Steel and Market Update that approximately 8 cargoes (approx. 350,000 metric tons) of mixed scrap grades, have been booked to Turkey at higher prices than at the beginning of May.

Also, domestic mills entered the June market trying to buy sideways with little luck. Prices for scrap were approximately $20 per ton higher than what was being sold in early May. However, the selling prices were slightly lower in the east.

Price of #1 Heavy Melt (HMS) was $420 per long ton in the Midwest and $410-$415 per long ton on the east coast. Shredded Scrap in the Midwest and east coast was consistently $455 per long ton. #1 Busheling was $510 per long ton in the Midwest.

Last week, the domestic market for pig iron was weak, although the Russian/Ukrainian market was a bit stronger at $530 metric ton FOB Black Sea.

It has been anticipated that the rise in scrap prices could assist the domestic steel mills in their attempts to put a bottom to flat rolled prices and possibly affect buyers to pay up for steel over the next few weeks. 

METAL PRICE CHARTS

GET PRICE CHARTS

14ct Gold Scrap Price Charts

9ct Gold Scrap Price Charts

22ct Gold Scrap Price Charts

RELATED NEWS

Baotou Steel Rare Earth to Merge with Five Smaller Firms to Establish China North Rare Earth Group

December 16th 2014 04:38 AM
Baotou Steel Rare Earth to Merge with Five Smaller Firms to Establish China North Rare Earth Group
China's leading rare earth producer Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co. (BREG) will merge with five smaller rare…

Jobs go as scrap metal dealer shuts

December 12th 2014 09:56 PM
Jobs go as scrap metal dealer shuts
A scrap metal dealer headquartered in South Yorkshire and founded in 1982 has closed its doors

Newport News man accused in scrap thefts

December 12th 2014 09:46 PM
Newport News man accused in scrap thefts
A Newport News man whom police say stole more than $1,000 worth of scrap metal from a local business is…

Japanese H2 scrap average prices see marginal rise

December 12th 2014 05:12 AM
Japanese H2 scrap average prices see marginal rise
The average price of Japanese H2 scrap was slightly up during the second week of December
Scrap Item Price Unit
6061 Extrusions 0.80 $US / Lb
Old Sheet 0.70 $US / Lb
Al/Cu Radiators 1.59 $US / Lb
Old Cast 0.71 $US / Lb
6063 Extrusions 0.82 $US / Lb
Zorba 90% NF 0.72 $US / Lb
Next Story