Scrap Steel Prices: Weekly Market Report – 1st March, 2024

SEATTLE (Scrap Monster):Based on price data compiled from the Scrap Monster Price Index, one could see that steel scrap prices exhibited decline across the board during the past one week period from 23^rd to 29^th February, 2024.

North America Prices

The prices of Sheet Metal recorded the biggest decline, falling by 1.82% each over the previous week.

The HMS 80/20 prices too dropped by 1.61% over the prior week.

Also, notable price declines were reported in #1 HMS and Structural Steel, each falling by 1.37% each.

The least week-on-week dip in prices was seen in # 1 Busheling. The prices of the commodity declined from $475 per MT at the start of the week to $470 per MT.

The chart below provides weekly price trends in # 1 Busheling scrap in the North American region:

Meantime, Shredded Auto Scrap prices were unchanged on Index.

USA East Coast Prices

The price of all steel scrap commodities, except that of Shredded Auto Scrap, edged lower during the previous week.

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

Also, #1 HMS and Structural Steel prices were down by 1.37% over the prior week.

#1 Busheling and #1 Bundle reported weekly decline in prices by 1.05% and 1.10% respectively.

The prices of Shredded Auto Scrap remained flat at $445 per MT over the week.

USA Midwest Prices

The region reported dip in prices of all commodities, except Shredded Auto Scrap.

#1 HMS and Structural Steel prices were down by 1.37% each. The Sheet Metal prices registered decline by 1.82% week-on-week, falling from $275 per MT to $270 per MT.

The other scrap categories such as #1 Bundle, #1 Busheling, HMS 80/20 and Shredded Auto Scrap too recorded decline on Scrap Monster Index during the week ended February 29^th, 2024.

The below chart depicts the weekly price movement in Shredded Auto Scrap:

USA West Coast Prices

The prices of Sheet Metal and HMS 80/20 recorded the biggest decline, falling by 1.82% and 1.67% respectively over the previous week.

Also, notable price declines were reported in #1 HMS, Structural Steel and #1 Bundle.

The least week-on-week dip in prices was seen in # 1 Busheling. The prices of the commodity declined from $475 per MT at the start of the week to $470 per MT.

No change in price was recorded in Shredded Auto Scrap.

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 23^rd to 29^th February, 2024 is provided in the below chart.

LME Steel Market Update

The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 29^th February, 2024 stood at $392.00 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 29^th February, 2024 closed at $414.50 per tonne.

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