Scrap Steel Prices: Weekly Market Report – 15th March, 2024
March 15, 2024 01:30:40 PM
The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $570.00 per tonne.
By Paul Ploumis
SEATTLE (Scrap Monster):Based on price data compiled from the Scrap Monster Price Index, one could see that steel scrap prices exhibited decline across the board during the past one week period from 8th to 14th March, 2024.
North America Prices
The prices of Shredded Auto Scrap recorded the biggest decline, falling by 11.24% over the previous week.
The chart below provides weekly price trends in Shredded Auto Scrap in the North American region:
The #1 Bundle prices too dropped by 10% over the prior week.
Also, notable price declines were reported in #1 Busheling and Sheet Metal, whose prices fell by 9.57% and 7.41% respectively.
The prices of HMS 80/20 declined from $305 per MT at the start of the week to $285 per MT.
The least week-on-week dip in prices was seen in # 1 HMS and Structural Steel.
USA East Coast Prices
The price of all steel scrap commodities edged lower during the previous week.
The prices of Shredded Auto Scrap recorded the largest decline, falling by 11.24% over the prior week.
The #1 Bundle prices dropped by 10% from $450 per MT to $405 per MT during the week. The weekly price chart of #1 Bundle is provided below:
Also, #1 Busheling and Sheet Metal were down by 9.57% and 7.41% respectively over the prior week.
HMS 80/20 prices were down by 6.56%.
The prices of #1 HMS and Structural Steel too declined by 4.17% each upon comparison with the previous week.
USA Midwest Prices
The region reported dip in prices of all commodities.
The prices of Shredded Auto Scrap recorded the largest decline, falling by 11.24% over the prior week.
The other scrap categories to report significant declines were #1 Bundle and #1 Busheling.
The below chart depicts the weekly price movement in #1 Busheling:
Also, Sheet Metal, HMS 80/20, Structural Steel and #1 HMS recorded dip in prices over the week.
USA West Coast Prices
The prices of Shredded Auto Scrap recorded the biggest decline, falling by 11.24% over the prior week.
The #1 Bundle prices too dipped by 10% over the prior week.
Also, notable price declines were reported in #1 Busheling and Sheet Metal, whose prices fell by 9.57% and 7.41% respectively.
The prices of HMS 80/20 dropped from $305 per MT at the start of the week to $285 per MT.
The least week-on-week decline in prices was seen in # 1 HMS and Structural Steel.
China Prices
The Chinese steel scrap market has been flat during the week. The prices of #1 HMS scrap witnessed no change from the prior week. Cast Iron Scrap prices held steady, as shown in the below chart.
Europe Prices
The prices of all steel scrap commodities such as #1 HMS, Cast Iron Scrap, Grade 1 Old Steel, Grade 2 Old Steel, Grade OA Structural Plate, Sheet Metal, Shredded Auto Scrap and Structural Steel held steady when compared with the week before.
The price variation in Sheet Metal over the one-week period from 8th to 14th March, 2024 is provided in the below chart.
LME Steel Market Update
The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 14th March, 2024 stood at $379.50 per tonne.
The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $570.00 per tonne.
Meantime, LME Steel Scrap CFR India (Platts) Month 2 prices as on 14th March, 2024 closed at $399.00 per tonne.
