U.S. traders resisted jumping into the deep-sea ferrous scrap market for a second straight week where prices continued to move substantially higher from April export levels. On the sidelines for now, U.S. traders are signaling strong expectations for the June domestic market with accelerating demand and competition as mills scramble to fill their order books.
Some market participants view the deep-sea surge as an early indicator for June domestic trading up $30/GT for shredded and prime scrap, and possibly as much as $50/GT for obsolete tags. Even with rampant global demand and relatively weak supply, other market participants are less optimistic for the June market, sensing a $30/GT across the board increase as a stretch.
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, Abby Frank or Gary Kamp with any questions about current market conditions.