By Bill Beck - July 11, 2019
After dropping $70 in May and June, ferrous scrap prices in Detroit and Hamilton slowed their downward momentum in July. Two days before the industry in the United States took its extended July 4th holiday, a consortium of Detroit mills announced it would buy scrap at a $10 discount to June numbers. Canadian mills, which had celebrated their three-day Canada Day holiday earlier in the week, waited until late this past Monday to bring prices off $18 Cdn for prime grades and $15 Cdn for cut grades for the month.
By Bill Beck - June 11, 2019
The relentless downward pressure on ferrous scrap markets has pushed prices in Detroit and nearby Hamilton down $70 to $80 in just the past two months. A market that appeared at Memorial Day to be sideways to maybe even up a little bit quickly deteriorated in the last week of May and into the first week of June. When settlement was finally reached in the middle of last week, prices were off $30 across the board in Detroit, and $37 net ton CDN in nearby Ontario.
By Bill Beck - May 10, 2019
A glut of prime grade scrap, mill inventory reductions and lackluster export activity all combined to drive busheling and bundle prices down $40 per ton in the Detroit market in May. Cut grades and shredded were marginally stronger at down $30, while turnings and borings were off an average of $35 from April pricing.
By Bill Beck - April 8, 2019
What the market giveth, the market just as quickly taketh away. Last month, Michigan markets were up $20 across the board. This month, they were right back down the same $20 across the board.
By Bill Beck - March 11, 2019
Continued strong mill demand and winter weather that lingers along the Great Lakes and impacts ferrous scrap flow combined to put upward pressure on prices for March. Detroit was up $20 across the board, with the exception of turnings and borings, which increased $10. Hamilton was up $30 CDN for all grades.