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Market Reports February 16, 2024 08:00:55 PM

Steel Scrap Prices: Weekly Market Report –16th February, 2024

Paul Ploumis
ScrapMonster Author
The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $604.50 per tonne.
Steel Scrap Prices: Weekly Market Report –16th February, 2024

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 9th to 15th, February, 2024.

North America Prices

The prices of #1 HMS and Structural Steel recorded the biggest decline, each falling by 2.67% each over the previous week.

Also, substantial price declines were reported in Sheet Metal, Shredded Auto Scrap, HMS 80/20 and #1 Bundle.

The least week-on-week dip in prices was seen in # 1 Busheling. The prices of the commodity declined from $480 per MT at the start of the week to $475 per MT.

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

 

USA East Coast Prices

The price of various steel scrap commodities edged lower during the previous week.

The prices of #1 HMS and Structural Steel recorded the largest decline.

Also, Sheet Metal prices were down by 1.79% over the prior week. The weekly price chart of the commodity is provided below:

 

All other steel scrap commodities including Shredded Auto Scrap, HMS 80/20, #1 Busheling and #1 Bundle reported weekly decline in prices.

 

USA Midwest Prices

The region reported dip in prices of all commodities.

#1 HMS and Structural Steel prices were down by 2.67% each. The Sheet Metal prices registered decline by 1.79% week-on-week, falling from $280 per MT to $275 per MT.

The other scrap categories such as #1 Bundle, #1 Busheling, HMS 80/20 and Shredded Auto Scrap too recorded decline on Scrap Monster Index during the week ended February 15th, 2024.

The below chart depicts the weekly price movement in Shredded Auto Scrap:

 

USA West Coast Prices

The prices of #1 HMS and Structural Steel recorded the biggest decline, each falling by 2.67% each over the previous week.

Also, notable price declines were reported in Sheet Metal, Shredded Auto Scrap, HMS 80/20 and #1 Bundle.

The least week-on-week dip in prices was seen in # 1 Busheling. The prices of the commodity declined from $480 per MT at the start of the week to $475 per MT.

China Prices

The Chinese steel scrap market has been flat during the week. The prices of Cast Iron Scrap scrap witnessed no change from the prior week. #1 HMS 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 9th to 15th February, 2024 is provided in the below chart.

  

LME Steel Market Update

The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 15th February, 2024 stood at $405.00 per tonne.

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $604.50 per tonne.

Meantime, LME Steel Scrap CFR India (Platts) Month 2 prices as on 15th February, 2024 closed at $416.00 per tonne.

 

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