Domestic trading this week continued to see U.S. ferrous scrap prices decline, averaging $90/GT lower for most tags during the past 3 months. Many northern markets were quick to settle their June deals at $30/GT discounts from May levels, while southern markets fared somewhat better recording deals at $20/GT discounts from last month.
Plentiful scrap supplies fueled much of the downward price pressure up north, except in Chicago where heavy melt and steel turnings experienced significant pressure with one major consumer not purchasing this month. Scrap inventories were not as plentiful in the south, helping that region to avoid deeper discounts for the month.
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.