Ferrous Scrap

Prime scrap tags level in May, shredded and HMS slip
Written by Ethan Bernard
May 16, 2024
Domestic scrap prices this month were flat for prime material but down for HMS and shredded, scrap sources told SMU.
“May trading for obsolete grades ranged anywhere from sideways in Philadelphia to down $10-20 in other regions of the country,” one scrap source said.
“Export pricing has been reasonably steady over the last few weeks, which was the main impetus for the sideways move near the coast,” he added.
However, the source noted that further west, mills attempted and were somewhat successful in pushing prices lower.
“The further west, the weaker the market,” he said.
Another source commented that prime grades remain unchanged.
“Apparently, steelmakers felt like this grade needed support due to decreased generation,” he said.
Looking ahead, the first source observed that sentiment for June is unsettled.
“Now that the HRC (hot-rolled coil) price is perceived as falling and not yet at bottom, demand may not pick up quickly enough to prevent a lower market next month,” he said.
On the other hand, he noted, “a stabilization in finished steel prices would trigger the next round of buying and theoretically better demand for scrap. So we’ll have to wait and see.”
The second source agreed, saying prospects for June are mixed right now, “but a large move either way doesn’t seem likely.”
SMU’s May scrap pricing stands at:
- Busheling at $400-420 per gross ton (gt), averaging $410, flat from April.
- Shredded at $385-395/gt, averaging $390, down $12.50 from April.
- HMS at $310-330/gt, averaging $320, down $10 from April.

Ethan Bernard
Read more from Ethan BernardLatest in Ferrous Scrap

Miller on Scrap: Ferrous mart losing steam in April on auto woes
The US ferrous scrap market rise this year is showing signs of slowing down as US steelmakers adjust production in line with slower automotive production and sales. But President Trump's announcement of 25% auto tariffs could change things very fast.

Turkey political woes hit US scrap export market
The export situation from the US East Coast was interrupted last week after a political event in Turkey.

Ferrous scrap market outlook hazy for April
The US scrap market is in for another unpredictable ride going into April. Questionable scrap flows, extended winter weather, and implications of tariffs on steel and scrap continue to have an impact.

Ferrous scrap tags rise amid short supply, tariff volatility
Ferrous scrap prices rose across the board in March as the market adapted to short supply and the volatile tariff situation, sources told SMU.

Toyota Tsusho America to acquire Radius Recycling for $1.34 billion
The companies said Thursday that Radius shareholders will receive $30 per share in cash upon the deal’s closing, which is expected in the second half of this year.