March Scrap Settles Up $50-70/GT

Written by Tim Triplett

As expected, ferrous scrap prices for March settled up $50 per ton for obsolete grades and up $70 per ton for prime grades in most parts of the U.S., reported Steel Market Update sources. April scrap is likely to remain relatively unchanged.

“Looking forward, I don’t see downside for prime grades in April. Depending on how much inflows improve, we may see sideways moves to maybe slightly down for obsolete grades,” predicted one dealer in the Northeast.

March scrap reportedly settled around $450/GT for shred and $580/GT for prime, plus or minus $10. HMS traded at $410/GT domestic, or $375-380 for 80/20 delivered East Coast docks (for tonnage commitments).

“Transportation bottlenecks, mostly on railroads, have slowed shipments since February and will continue to do so for a while. Scrap inflows have been very slow, but will improve with better weather and stronger pricing. I expect export pricing to improve further from the latest levels to account for higher bulk freight costs, now around $40/MT from the U.S. East Coast,” said one source.   

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