Weekly Market Report: Steel Scrap Prices- 14th April, 2023

SEATTLE (Scrap Monster):Based on price data compiled from the Scrap Monster Price Index, one could see that steel scrap prices recorded mixed trend during the past one week period from 5^th April, 2023 to 13^th April, 2023.

North America Prices

The #1 Bundle and #1 Busheling prices recorded biggest gains on Index, increasing by 0.94% and 0.91% respectively.

On the contrary, #1 HMS and Structural Steel recorded sharp decline, each falling by 8.75% over the previous week.

The chart below provides weekly price trends in Structural Steel in the North American region:

The prices of Shredded Auto Scrap too were down marginally during the week.

Meantime, HMS 80/20 and Sheet Metal prices recorded no change over the previous week.

USA East Coast Prices

The price of a couple of steel scrap commodities soared during the previous week. The prices of #1 Bundle and #1 Busheling increased. The #1 Bundle prices edged higher by $5 per MT, rising from $530 per Mt at the start of the week to $535 per MT by 13^th April, 2023.

#1 HMS and Structural Steel recorded sharp decline over the week. The scrap category to witness the lowest week-on-week decline was  Shredded Auto Scrap, which saw its prices fall by 1% week-on-week.

The weekly price movement in Shredded Auto Scrap during the prior week is depicted in the following chart:

Meantime, HMS 80/20 and Sheet Metal maintained previous week’s price levels.

USA Midwest Prices

The region reported modest surge in prices of #1 Busheling and #1 Bundle week-on-week.

The prices of HMS 80/20 and Sheet Metal witnessed no change when compared with the previous week.

The price chart of HMS 80/20 is given below:

Meantime, #1 HMS and Structural Steel prices recorded significant declines, recording week-on-week declines by 8.75% each. The Shredded Auto Scrap prices too were down by 1% from the prior week.

USA West Coast Prices

The #1 Bundle and #1 Busheling prices recorded gains on Index, increasing by 0.94% and 0.91% respectively.

The prices of HMS 80/20 and Sheet Metal witnessed no change when compared with the previous week.

#1 HMS, Structural Steel and Shredded Auto Scrap posted declines over the 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 Grade OA Structural Plate over the one-week period from 5^th to 13^th April, 2023 is provided in the below chart.

LME Steel Market Update

The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 13^th April, 2023 stood at $417.00 per tonne.

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $660.00 per tonne.

Meantime, LME Steel HRC North America (Platts) LME Steel Scrap CFR India (Platts) Month 2 prices as on 13^th April, 2023 closed at $1,175.00 per tonne and $448.00 per tonne respectively.

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