Domestic demand for scrap metal continues to be strong for both ferrous and non-ferrous commodities. Stricking deals, placing orders and securing delivery appointments have come with ease into the dog days of summer, a good sign mills and smelters are still in high demand of scrap metal materials.
August’s ferrous scrap market came into focus as the first week of the month came to a close. Chicago’s market wrapped up with prime grades, including Bundles and Busheling, unchanged and cut grades, shred and steel turnings dropping $20 per gross ton. Prime grades of scrap metal have more than doubled since August 2020 and the the spreads between prime and cut grades have continued to widen. Cut grades and shred appear to be oversaturated coming out of July’s cycle.
Projections for non-ferrous prices in August vary from grade to grade. Experts expect copper scrap and brass scrap prices to continue to be volatile throughout the month. As the first week of the month comes to end, we have seen copper scrap and brass scrap prices decline by 4.2% week to week and 9.39% from their 52-week high.
Stainless steel scrap metal has been a bright spot the past few weeks with prices near the high mark of 2021. 300-series stainless scrap has inched higher and processors and dealers agree the stainless scrap market is nearing the top of the current-up cycle and may be in line for a correction. Aluminum scrap metal prices are stable to slightly stronger from July to August. Domestic consumers and international mills and smelters expect no major price changes during the month of August. Delivery appointments domestically remain at 2-3 weeks out. Typically, this means new material orders are strong and furnaces are running near capacity.
Do you plan on attending any upcoming tradeshows? Let’s schedule a meet-up. Here’s where you’ll find the BL Duke Team, Trade Shows 2021. Reach out for complimentary passes to Fabtech. Quantities are limited.