Steel Scrap Prices: Weekly Market Report – May 31st, 2024

SEATTLE (Scrap Monster):The weekly analysis of the Scrap Monster Price Index data suggests that steel scrap prices in all regions witnessed decline during the past one week period from 24^th May, 2024 to 30^th May, 2024.

North America Prices

The #1 Bundle and #1 Busheling prices were down by $5 per MT each.

#1 HMS and HMS 80/20 prices too recorded decline by $5 per MT each on Index during the week.

The Sheet Metal prices declined by $5 per MT, falling from $240 per MT to $235 per MT.

The price movement of Sheet Metal over the week is depicted below:

Also, the prices of Shredded Auto Scrap and Structural Steel recorded decline on Index.

USA East Coast Prices

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

The price chart of HMS 80/20 for the week ended 30^th May, 2024 is given below:

USA Midwest Prices

The region reported dip in prices for various steel scrap categories. The below chart represents the variation in prices of Structural Steel over the previous week:

USA West Coast Prices

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

The prices of HMS 80/20, #1 HMS, Sheet Metal, #1 Busheling, Structural Steel, Shredded Auto Scrap and #1 Bundle posted decline from prior-week levels.

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 Cast Iron Scrap over the one-week period from 24^th to 30^th 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 30^th May, 2024 stood at $386.00 per tonne.

The LME Steel Rebar FOB Turkey (Platts) Month 2 Contract closed at $576.00 per tonne, down upon comparison with $577.50 per tonne during the close of the previous week.

Meantime, LME Steel Scrap CFR India (Platts) Month 2 prices as on 30^th May, 2024 closed at $429.00 per tonne respectively.

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