Scrap Steel Prices: Weekly Market Report – 24th May, 2024

SEATTLE (Scrap Monster):The weekly analysis of the Scrap Monster Price Index data suggests that steel scrap prices in all regions witnessed no change during the past one week period from 17^th May, 2024 to 24^th May, 2024.

North America Prices

The #1 Bundle and #1 Busheling prices held steady over the week.

The price movement of #1 Busheling over the week is depicted below:

#1 HMS and HMS 80/20 prices too were flat on Index during the week.

The Sheet Metal prices witnessed no change from previous week’s level of $240 per MT.

Also, no price change was seen in Shredded Auto Scrap and Structural Steel.

USA East Coast Prices

The price of various steel scrap commodities were stagnant during the previous week. The prices of #1 Bundle, #1 Busheling, #1 HMS, HMS 80/20, Sheet Metal and Shredded Auto Scrap held steady.

The price chart of Sheet Metal for the week ended 23^rd May, 2024 is given below:

Also, the Structural Steel prices remained unchanged at $325 per MT on Index.

USA Midwest Prices

The region reported flat prices for various steel scrap categories. The below chart represents the variation in prices of Shredded Auto Scrap over the previous week:

USA West Coast Prices

The West Coast region steel scrap prices were unmoved, compared to the previous week.

The prices of HMS 80/20, #1 HMS, Sheet Metal, #1 Busheling, Structural Steel, Shredded Auto Scrap and #1 Bundle posted no change from prior-week levels.

China Prices

The Chinese steel scrap market remained 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 Grade OA Structural Plate over the one-week period from 17th to 23^rd May, 2024 is provided in the below chart.

LME Steel Market Update

The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 23^rd May, 2024 stood at $385.00 per tonne.

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $577.50 per tonne, down upon comparison with $589.00 per tonne during the close of the previous week.

Meantime, LME Steel Scrap CFR India (Platts) Month 2 prices as on 23^rd May, 2024 closed at $430.00 per tonne respectively.

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