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We expect April prices for shredded and prime scrap to post either sideways or modest declines after coming in unchanged and down $12/ton for March.

We believe the main driver for any small declines is increased supply.  We believe that obsolete scrap flows have been much more liquid early this year when compared to the historical norm because of warmer weather, while prime scrap generation has improved meaningfully on the back of increased manufacturing activity – most notably for autos.

Our full report provides the drivers behind our scrap price forecast, our steel price outlook as well as the implications for steel equities.

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