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US monthly ferrous scrap trading in Detroit kicked off Thursday afternoon with bids for primes down $40/gross ton (gt), shred down $20/gt and cut grades sideways from the prior month for October deliveries.
The bids, if realized, would decrease Detroit #1 busheling prices to $350/gt delivered mill, while shredded scrap prices would fall to $390/gt and cut grades would hold with P&S 5ft at $340/gt and #1 HMS at $300/gt. Tiered pricing between prime and obsolete grades in Detroit would further widen the premium of shredded scrap over #1 busheling to a $40/gt.
Machine shop turnings price indications are expected to emerge later, but a sideways trend would leave prices at $130/gt.
The Detroit bids differed from those announced from a major steelmaker with operations in the Midwest and southeast that entered the market Wednesday at down $30/gt for prime and shredded scrap and down $10/gt cut grades from the prior month for October deliveries.
This is the second consecutive month Detroit, which traditionally is the first region to officially enter the trade, has been superseded by the steelmaker.
Market participants noted that decreases to prime grades could be more severe in Chicago, while some southeastern participants noted that tighter supply of cut grades could add further support to prices this month.
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