August ferrous scrap trading remained active into Thursday with most markets following the softening trend established in Detroit on Tuesday. However, some areas diverged on reduced mill buying programs and some grades are transacting with further declines.
Demand and mill buying in Philadelphia continue to be reduced. Prime grades that include #1 busheling are settling at down $10/gt while #1 HMS, P&S 5ft, and other secondary grades have moved down by $30/gt against July settled prices. Still, there are some reports of small volumes of secondary grades that sold at down $20/gt.
In Philadelphia the monthly Davis Index for #1 busheling fell by $10/gt to $570/gt delivered, #1 HMS decreased by $29/gt to $428/gt delivered consumer, P&S 5ft dropped by $28/gt to $437/gt delivered mill and shredded moved down by $28/gt to settle at $468/gt delivered Philadelphia consumer.
Transactions in Pittsburgh were straightforward following early trends with #1 busheling unchanged at $645/gt delivered, #1 HMS fell by $20/gt to $444/gt delivered Pittsburgh mill, while P&S 5ft and shredded both decreased by $20/gt to $478/gt delivered and $482/gt delivered Pittsburgh consumer.
Chicago, Detroit, Quad Cities, and other nearby markets are also sticking with the initial price changes formed on Tuesday with primes holding unchanged values and secondary grades declining by $20/gt versus July agreements, though final transactions were ongoing as of Thursday afternoon.
Machine shop turnings are down on average by $20/gt but have changed hands anywhere from down $10/gt to down $30/gt based on varying regional conditions, supply, and demand.
Lingering activity is expected into Friday though most deals have been finalized in the Midwest and East Coast markets. The Carolinas and Southeast are trending sideways to down $10-20/gt for #1 busheling depending on mill, with secondary grades largely transacting at down $20/gt over July settled prices.