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We think by now it is painstakingly clear that June prices for both shredded and prime scrap are going to decline, the only question is how much.
At this point in time, we expect prices for both grades to drop by at least $20-40/ton with prime likely showing a smaller drop than shredded, as the prime market is less influenced by the export market which has weakened substantially.
Our full report provides our outlook for steel prices by product as well as the implications for steel equities.
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It is clear that we are now in a long dry summer which started in May. The drop in international prices will continue for some to come. There are no indications of a turnaround and at this point can not even judge where and when we will hit bottom, only that more negative movement is upon us.