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US Shredded Scrap monthly average prices climb in August

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NEW YORK (Scrap Register): United States shredded scrap monthly average prices climbed by 6.8 percent to $316 a long ton during the month of Augist this year, according to the Steel Index.

Negotiations at the start of the month initially gave indications that prices may move up, as offers were reportedly heard up in the range of $10-25 a long ton, based on strong global prices in raw materials.

An extended absence from the market from Nucor’s DRI facility in Louisiana had also sparked interest that the scrap market may be tight and hence provide a boost for prices.

Ultimately the market kept prices flat, in turn deciding to begin trading for September only after Labor Day Weekend.

Export prices have moved significantly ahead of the US domestic market, hence mills are looking at price hikes in September.

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