Shredded Scrap Prices Drop in Midwest, Primes Sideways

Shredded scrap prices were still volatile in some markets as it searched for a bottom in the Ohio Valley and elsewhere at the end of last week. Detroit was reported to be the first market to settle with the mills there paying $15 per gross ton less than the prior month paying approximately $380 per gross ton delivered. Prime grades such as #1 busheling remained unchanged at $400 per gross ton. Heavy melt was reported to be $360 to $367 per gross ton.

We saw prime grades of ferrous scrap pricing in western Pennsylvania holding stable at $424-$430 per gross ton. Mike Marley of Metal Prices pointed out in his most recent article on scrap that prices to mills in this area of the country are affected by payment delays of up to three months or longer. Shredded scrap prices fell and were reported to be averaging $360-$365 per gross ton and heavy melt at $380.

Chicago area prime grade pricing moved sideways at $395-$400 per gross ton while shredded prices dropped by $15 per gross ton to $380-$385. Heavy melt prices were a little lower at $370-$375 per gross ton.

On the east coast shredded was reported to be selling for $385 per ton while heavy melt was $335-$340 and Busheling, which is not a big item on the east coast due to a lack of sheet mills in the area, was being sold for $385-$390 per gross ton the same as last month.