Ferrous scrap moved higher by $10-20/GT during domestic trading this week with prices diverging across regional markets. Prime tags were up $15-20/GT in southern markets, while $10-15/GT in northern and midwest markets. Secondary tags traded $15-20/GT higher in most markets.
Expectations leading into this week’s domestic trading were that recently implemented U.S. tariffs on steel imports would push ferrous scrap prices higher by $20/GT across the board, with some outliers looking for $40-50/GT increases above March levels. All expectations were short lived, however, as markets and prices quickly split, and trades settled at more modest increases for April. The lower than anticipated prices have some market experts now wondering if U.S. tariffs will have a lesser impact on ferrous scrap prices than originally expected in the months ahead.
We will continue to keep you updated on market conditions through our website news section, so check back often. Metro Alloys has successfully served its clients for more than 30 years in all market conditions and we encourage you to contact your sales representative, Marvin Fish, Gary Kamp or Abby Frank with any questions.