U.S. Ferrous Scrap Prices Nosedived to Hit All-Time Low

The sharpest decline in prompt industrial composite was recorded in the U.S. South region, where it fell from $327 per ton to $285 per ton over the prior month.

SEATTLE (Scrap Monster): The Management Science Associates, Inc (MSA) Raw Material Data Aggregation Service (RMDAS) price tracking mechanism suggests significant decline in ferrous scrap prices. The prices hit an all-time low during the month. Meantime, U.S. scrap exporters continue to remain squeezed by declining demand trends and escalating freight charges.

In accordance with RMDAS, the prices paid by the U.S. mills on prompt industrial grades dropped sharply by $41 per ton from the prior month to total $274 per ton. Shredded scrap prices recorded a decline of $36 per ton to $252 per ton in September this year. Also, HMS scrap buying prices for the month stood at $221 per ton, falling by $37 per ton from August this year.

ALSO READ: World Ferrous Scrap Trade Recorded Diverse Trend

The sharpest decline in prompt industrial composite was recorded in the U.S. South region, where it fell from $327 per ton to $285 per ton over the prior month. The region also reported sharpest fall in shredded scrap prices. Meantime, HMS prices dropped the most in the North Midwest and South regions.

The U.S. bulk ferrous scrap exporters have lowered their scrap collection prices, in response to rapidly falling ferrous scrap and steel markets. The dock-side buying prices for #1 HMS has declined to the lowest level since February 2017.

Going forward, the lack of demand for steel coupled with slow economic growth is likely to weigh on U.S. ferrous scrap prices.

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