Contrary to expectations, US scrap trading witnesses decline, uncertain outlook for February

Midwest No.1 busheling prices took a hit, dropping approximately $25 per ton compared to December values. Similarly, shredded prices saw a decline of $10 per ton. As the market assesses the landscape for February trading, diverging opinions emerge among participants. Some foresee harsh weather impacting both flow and prices, while others point to weak sentiment in the global market as a potential factor negatively influencing scrap prices.

US suppliers faced challenges in achieving transactions above $430 per tonne CFR Türkiye for HMS 1&2 80:20. The daily assessment for premium HMS 1&2 80:20 CFR Türkiye reflected this trend, declining to $425 per ton on Monday. On the West Coast, Taiwanese buyers resisted prices at $380-385 per ton CFR for US-origin containerized HMS 1&2 80:20. Despite prevailing weak scrap demand, some deals from the US were concluded at $375 per ton CFR Taiwan last week.