Negative sentiment takes scrap prices to their lowest levels in 2 years.
Detroit took the lead once again with scrap settlement pricing by taking prime scrap down $40 per gross ton and cutting shredded scrap by $30 per gross ton. That sharp decline puts prime scrap in Detroit at its lowest level since February of 2017 and shredded scrap levels at November 2017 numbers. While a decline was anticipated, this big a drop seemed to gain momentum over the last two weeks or so. Going into June things look to hold steady but that can all change based upon demand and global news. US-China trade negotiations along with several tense situations developing across the globe leave the market in a wait and see mode.