June 2009 | North American Steels
Prime scrap prices see significant gains: Raw Material Highlights
We did see an uptick in domestic scrap prices in the second week of May as some mills returned to the market to source feedstock for their May/June/July melting.
Since the fourth quarter of 2008, US crude steel output has been under tight control with average weekly output remaining around 1m tons. But mills do report that they are building little steel product inventories and what is being produced is shipped to buyers, although on a hand-to-mouth basis. And while some mills still have ample raw material inventories, others have since drawn down their stocks and are back on the market seeking feedstocks for May/June/July melting.
As a result, we have seen some competition for the limited supply of the available prime scrap and prices reacted accordingly. Prime scrap prices jumped $60/l.ton to $220-230/l.ton for No.1 bundles and busheling in the Midwest in the second week of May as mills went bidding for their...
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