Scrap Steel Prices: Weekly Market Report – 17th May, 2024

SEATTLE (Scrap Monster):Based on price data compiled from the Scrap Monster Price Index, one could see that steel scrap prices exhibited mixed trend during the past one week period from 10^th to 17^th, May, 2024.

The prices of most categories recorded week-on-week decline, whereas a few maintained the previous week’s prices.

North America Prices

The prices of Sheet Metal and HMS 80/20 recorded the biggest decline, falling by 2.04% and 1.82% respectively over the previous week.

The chart below provides weekly price trends in Sheet Metal scrap in the North American region:

Also, substantial price declines were reported in #1 HMS, Structural Steel and Shredded Auto Scrap.

On the contrary, the #1 Bundle and #1 Busheling prices recorded surge over the prior week.

The #1 Bundle increased by 1.3%, whereas the prices of #1 Busheling were up by 1.23%.

USA East Coast Prices

The price of most steel scrap commodities edged lower during the previous week.

The prices of Sheet Metal and HMS 80/20 recorded the largest decline. The weekly price chart of the commodity is provided below:

The Sheet Metal prices were down by 2.04%, falling from $245 per MT at the beginning of the week to end the week at $240 per MT. 

Also, #1 HMS, Structural Steel and Shredded Auto Scrap prices were down over the prior week. 

All other steel scrap commodities such as #1 Bundle and #1Busheling saw their prices increase over the prior week.

USA Midwest Prices

The region reported dip in prices of majority of commodities.

Sheet Metal prices were down by 2.04%. The prices of HMS 80/20 too declined by 1.82% over the week.

The other scrap varieties to record weekly decline were #1 HMS, Structural Steel and Shredded Auto Scrap.

On the other hand, the #1 Bundle and #1 Busheling prices recorded surge by 1.3% and 1.23% respectively over the prior week.

The below chart depicts the weekly price movement in #1 Bundle:

USA West Coast Prices

The prices of Sheet Metal recorded the biggest decline, falling by 2.04% week-on-week.

HMS 80/20 prices registered weekly decline by 1.82%.

Also, notable price declines were reported in #1 HMS, Structural Steel and Shredded Auto Scrap.

On the contrary, the #1 Bundle and #1 Busheling prices recorded surge over the prior week in the U.S. West Coast region.

The #1 Bundle increased by 1.3%, whereas the prices of #1 Busheling were up by 1.23%.

China Prices

The Chinese steel scrap market has been flat during the week. The prices of #1 HMS scrap witnessed no change from the prior week. Cast Iron Scrap 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 Structural Steel over the one-week period from 10^th to16th May, 2024 is provided in the below chart.

LME Steel Market Update

The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 16^th May, 2024 stood at $386.00 per tonne.

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $589.00 per tonne.

Meantime, LME Steel Scrap CFR India (Platts) Month 2 prices as on 16^th May, 2024 closed at $435.50 per tonne.

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