US shredder feed prices mixed on unclear ferrous scrap outlook for March

Shredder feed price adjustments in the United States were erratic in the week to Monday February 10, with individual shredders moving their scale buying prices based on their specific needs as they questioned where ferrous scrap prices are likely to head in March.

The US scrap market was extremely disjointed in February, with prices holding up better in the Midwest than on the East Coast and in the South. In the Midwest, the price for No1 busheling declined by $10 per gross ton, shredded scrap went down by $20 per ton and cut scrap prices were off by $20-25 per ton from January levels.
While it is still too early to tell if there is any further downside in store for March, market participants felt that there was a fighting chance prices could remain resilient next month.
"Right now, I would call the March market a soft sideways if there are no major changes. I don't think there is anything that would raise [scrap prices], but I also don't see too much downside in the market," an Ohio Valley processor said.

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