Scrap prices surge in US

WASHINGTON (Scrap Monster): The scrap prices have surged substantially by US$30/ton in US domestic market after Christmas.

The US steel market has remained in upward trend since November. The major steelmakers in the US have hiked the prices of steel flat products from November till now. The total price rise has come to US$120~US$150/ton.

The increased steel prices and strong demand have activated the US steel mills to enhance production. As a result, it pushed up the demand for scrap.

Besides, it has become more and more difficult to collect and transport scrap due to harsh weather.

Affected by these factors, the scrap prices have continued to rise in the US domestic market over the past few months.

Thus, it’s predicted that the export prices of the US scrap will soar further, driven by sharply rising prices in the US domestic market.

In fact, the US scrap suppliers have postponed the scrap export quotes to Taiwan before Christmas. Traders indicate that the US supplier plan to resume the scrap export quotes in next week.

It’s estimated that the US suppliers may increase quotes of the container HMS 80:20 (1&2) by US$10/ton to US$460/ton C&F next week. Yieh Corp reported.