Steel Products Prices North America
March Scrap Prices Shoot Up, Prime Up Nearly $100/ton
March 21, 2023
March scrap prices have settled up across the board after extensive trading.
As previously reported, mills were resistant and prices were up. With prime scrap reportedly hard to obtain, March prices settled up nearly $100 per gross ton above February, market participants said.
And it doesn’t appear this prime scrap rally is ending this month. Some sources also said it seems likely that primes will rise in April too.
The majority of respondents to SMU’s latest market survey were in agreement. Out of those surveyed, 63% saw prime scraps continuing to rise in April vs. 37% who saw prices sideways. None polled saw prices going down.
But obsolete grades “are more of a mixed bag,” one source said. Dealers think supply/inbounds will not increase in time for prices to drop. But consumers might disagree. “Regardless, obsolete prices will trade in a tight range up or down,” he said.
A second source said there would be two main drivers in the US scrap market in April: “(1) the continued strength of Turkish demand, which is hinging on their ability to keep selling rebar in the $740-$750 ex-works range, and (2) the availability of prime scrap in the US and how much shred they need to buy in lieu of prime that’s not available.”
“Right now, I see some Turkish demand helping to sustain US obsolete prices generally in the range they are for now,” the source added “Prime will remain tight, which should also support shred.”
SMU’s scrap pricing for March stood at:
• Busheling at $530 -$570 per gross ton, averaging $550, up $90 from last month.
• Shredded at $500 -$520 per gross ton, averaging $510 up $55 from last month.
• HMS at $400 – $430 per gross ton, averaging $415 up $30 from last month.
Editor’s note: SMU members can chart scrap prices as far back as 2007 using our interactive pricing tool.
By Ethan Bernard, ethan@steelmarketupdate.com
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