U.S. ferrous scrap prices unexpectedly went lower in domestic trading this week with most markets settling down $20-25/GT from their prior month levels. Ferrous scrap prices began the week off $20/GT across the board in Detroit before pushing lower in other markets, raising concerns during the week that southern markets might drop $30-35/GT, which never materialized as the south settled down $20/GT on most tags.
Prime scrap generally traded at the higher end of the range, outperforming cut and shredded tags for the week. Chicago bucked the trend with prime tags losing $25/GT and shredded scrap dropping $23/GT from March levels. Most markets saw prime off $20/GT and secondary down $20-25/GT.
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.