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By   06 Jun 2011  Last updated at  05:34:39 GMT
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.

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. 

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