December Scrap Finalizes – Up $20/ton

December Scrap Finalizes – Up $20/ton

December Scrap posted final this morning at $390/TON, UP $20/TON from November. The increase was on the higher end of what was expected thanks in part to solid demand for raw materials and lighter collections due to weather. Most expect the mills to absorb this price increase, as demand is starting to wane with the winter months, and mills have already captured more than that amount with last month’s price bump of $30/ton. In addition, the supply is showing signs of easing on some items and in some regions. Import offers of additional supply are starting to appear.  As such, most expect mills to view this scrap increase as a way to solidify current pricing to close the year. Any change in the supply or demand picture, however, and mills will waste little time trying to put through further increases.

We will continue to keep you posted on developments in the market.

Thanks.