Scrap Steel Prices: Weekly Market Report –25th January, 2024

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $616.00 per tonne.

SEATTLE (Scrap Monster):The weekly analysis of the Scrap Monster Price Index data suggests that steel scrap prices in China and Europe regions witnessed no change during the past one week period from 19^th January, 2024 to 25^th January, 2024. The North American and U.S. steel scrap prices witnessed mixed trend during the week.

North America Prices

The #1 HMS and Structural Steel recorded biggest increase in prices over the week, rising by 2.74% each.

HMS 80/20 prices declined over the previous week.

Sheet Metal and Shredded Auto Scrap prices too edged lower during the week.

#1 Bundle and #1 Busheling prices were down on Index.

The #1 Bundle prices declined the most, falling by 3.16% over the prior week.

The price movement of #1 Bundle over the week is depicted below:

USA East Coast Prices

The price of certain steel scrap commodities edged higher during the previous week. The biggest surge in price was recorded in #1 HMS and Structural Steel.

All other scrap varieties declined, in comparison with the previous week.

#1 Bundle prices registered week-on-week decline by 3.16%. The other commodity to register notable dip in prices was #1 Busheling. The #1 Busheling prices were down by 3.03% over the week.

The chart provided below represents the variation in prices of #1 Busheling on a weekly basis.

Shredded Auto Scrap, Sheet Metal and HMS 80/20 scrap prices too witnessed dip in prices.

USA Midwest Prices

The region reported mixed trend in prices for various steel scrap categories.

#1 HMS and Structural Steel scrap prices surged higher by 2.74% each.

The prices of Structural Steel increased from $365 per MT at the start of the week to $375 per MT towards the end of the week.

The prices of HMS 80/20, Sheet Metal, Shredded Auto Scrap, #1 Bundle and #1 Busheling recorded decline during the week.

The weekly price movement in Structural Steel is provided below:

USA West Coast Prices

The price of certain steel scrap commodities edged higher during the previous week in West Coast region. The biggest surge in price was recorded in #1 HMS and Structural Steel.

The rest of the scrap, including Shredded Auto Scrap, #1 Bundle, #1 Busheling, HMS 80/20 and Sheet Metal registered decline week-on-week.

China Prices

The Chinese steel scrap market remained flat during the week ended January 25^th, 2024. The prices of Cast Iron Scrap witnessed no change from the prior week. #1 HMS prices held steady, as shown in the below chart.

Europe Prices

The prices of all steel scrap commodities such as #1 HMS, Cast Iron Scrap, Grade 1 Old Steel, Grade 2 Old Steel, Grade OA Structural Plate, Sheet Metal, Shredded Auto Scrap and Structural Steel held steady when compared with the week before.

The price variation in Cast Iron Scrap over the one-week period from 19^th January, 2024 to 25^th January, 2024 is provided in the below chart.

LME Steel Market Update

The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 25^th January, 2024 stood at $413.00 per tonne.

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $616.00 per tonne.

Meantime, LME Steel Scrap CFR India (Platts) Month 2 prices as on 25^th January, 2024 closed at $415.00 per tonne.

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