Scrap Steel Prices: Weekly Market Report- 17th March, 2023

SEATTLE (Scrap Monster):Based on price data compiled from the Scrap Monster Price Index, one could see that steel scrap prices Surged higher significantly during the past one week period from 10^th March, 2023 to 16^th March, 2023.

North America Prices

The #1 Busheling and #1 Bundle prices recorded biggest gains on Index, increasing by 14.13% and 13.48% respectively.

The chart below provides weekly price trends in #1 Busheling in the North American region:

The prices of Shredded Auto Scrap and Sheet Metal too were up significantly during the week.

#1 HMS, HMS 80/20 and Structural Steel too recorded modest surge over the previous week.

USA East Coast Prices

The price of various steel scrap commodities soared during the previous week. The prices of #1 Busheling and #1 Bundle increased the most. The #1 Bundle prices edged higher by $60 per MT, rising from $445 per Mt at the start of the week to $505 per MT by 16^th March, 2023.

The weekly price movement in #1 Bundle during the prior week is depicted in the following chart:

Also, Shredded Auto Scrap, #1 HMS, HMS 80/20, Sheet Metal and Structural Steel soared from the previous week’s price levels.

USA Midwest Prices

The region reported notable surge in prices of #1 Busheling and #1 Bundle week-on-week. The prices of Shredded Auto Scrap and Sheet Metal too witnessed considerable upside movement.

The price chart of Shredded Auto Scrap is given below:

Meantime, #1 HMS, HMS 80/20 and Structural Steel prices too edged higher over the previous week.

USA West Coast Prices

The #1 Busheling and #1 Bundle prices recorded biggest gains on Index, increasing by 14.13% and 13.48% respectively.

The prices of Shredded Auto Scrap and Sheet Metal too were up significantly during the week.

#1 HMS, HMS 80/20 and Structural Steel too recorded modest surge over the previous week.

China Prices

The Chinese steel scrap market has been flat during the week. The prices of #1 HMS 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 scrap over the one-week period from 10^th to 16^th March, 2023 is provided in the below chart.

LME Steel Market Update

The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 16^th March, 2023 stood at $438.00 per tonne.

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $725.50 per tonne.

Meantime, LME Steel HRC North America (Platts) LME Steel Scrap CFR India (Platts) Month 2 prices as on 16^th March, 2023 closed at $1,130.00 per tonne and $467.00 per tonne respectively.

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