Scrap Steel Prices: Weekly Market Report –27th October, 2023

SEATTLE (Scrap Monster):The weekly analysis of the Scrap Monster Price Index data suggests that most steel scrap prices in all regions witnessed no change during the past one week period from 20^th October, 2023 to 26^th October, 2023.

North America Prices

The #1 Bundle and #1 Busheling prices held steady over the week.

#1 HMS and HMS 80/20 prices too were flat on Index during the week.

The Sheet Metal prices witnessed no change from previous week’s level of $245 per MT.

Also, no price change was seen in Structural Steel.

The price movement of Shredded Auto Scrap, which recorded marginal decline by $10 per MT over the week is depicted below:

USA East Coast Prices

The price of various steel scrap commodities were stagnant during the previous week. The prices of #1 Bundle, #1 Busheling, #1 HMS, HMS 80/20, Sheet Metal and Structural Steel held steady.

The price chart of Sheet Metal for the week ended 26^th October, 2023 is given below:

Meantime, the Shredded Auto Scrap prices dropped slightly by $10 per MT on Index.

USA Midwest Prices

The region reported flat prices for various steel scrap categories, except for Shredded Auto Scrap which recorded decline week-on-week. The below chart represents the variation in prices of HMS 80/20 Scrap over the previous week:

USA West Coast Prices

The West Coast region steel scrap prices were mostly unmoved, compared to the previous week.

The prices of HMS 80/20, #1 HMS, Sheet Metal, #1 Busheling, Structural Steel and #1 Bundle posted no change from prior-week levels.

Shredded Auto Scrap declined by $10 per MT, upon comparison with the prior week.

China Prices

The Chinese steel scrap market remained flat during the week. 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 Structural Steel over the one-week period from 20^th October, 2023 to 26^th October, 2023 is provided in the below chart.

LME Steel Market Update

The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as on 26^th October, 2023 stood at $355.00 per tonne.

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $551.00 per tonne, significantly lower upon comparison with $605.00 per tonne during the close of the previous week.

Meantime, LME Steel HRC North America (Platts) and LME Steel Scrap CFR India (Platts) Month 2 prices as on 26^th October, 2023 closed at $756.00 per short ton and $421.00 per tonne respectively.

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