Midwest trading kicked off up $50/lt on shred and up $60/lt on prime grades on June 3, but in the South suppliers dug in their heels for firmer pricing.
"I thought trading it would happen more smoothly but it kind of drug out. Mills wanted to keep it at up $50/lt or less, but dealers were willing to hold out for more," said one mill buyer
A second buyer agreed, saying during trading, "guys down South seem like they're battling it out for $60/lt."
Market participants reported southern US shred prices trading at a slight premium over the Midwest. "I was surprised to see the South – whereas the Midwest went up $50/lt shred and $60/lt prime – they did the opposite: they went up $60/lt on obsolete grades and $50/lt primes," said a supplier. "I think today in the South they're probably $510/lt delivered mill, $5/lt over Midwest local."
Platts' US Southeast shredded scrap assessment rose to $510/lt delivered Southeast June 8, up $60/lt from its opening level of $450/lt May 24.
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