November Scrap Prices Slide by $10-30/Ton

Written by Brett Linton

Ferrous scrap prices declined from October to November, marking the seventh consecutive month of falling prices, according to Steel Market Update sources. Buyers reported prime scrap fell as much as $30 per gross ton in some regions, while shredded prices were flat to down $20 per gross ton.

Sources continue to attribute price declines to weakening demand in both domestic and export markets. Multiple buyers also commented on river barge impacts, citing higher freight costs and extended transport times due to low water levels.

Our scrap prices for November are as follows:

• Busheling at $330–360 per gross ton, averaging $345, down $15 from last month
• Shredded at $360–380 per gross ton, averaging $370, down $10 from last month
• HMS at $300–310 per gross ton, averaging $305, down $15 from last month

Price declines varied across the country. One Northeast scrap executive told SMU the Midwest was the weakest region, where demand was stifled by smaller mill buys. Multiple sources reported that prices in the southern part of the country were not as weak, due to aforementioned river level impacts as well as dealer resistance.

“The export market has remained weak and gotten weaker since last week,” commented one source. “Not a lot of good news out there, except December is rarely a down month. It could be slightly [down] this year or remain sideways.”

SMU members can chart various scrap prices as far back as 2007 using our interactive pricing tool.

By Brett Linton,

The post November Scrap Prices Slide by $10-30/Ton appeared first on Steel Market Update.

Latest in Market