From Michelle Applebaum, Steel Market Intelligence
April scrap prices pare march gains
According to just-published data from American Metal Market (AMM), April prime scrap declined $21 (or 5.0%) to $402/ton and obsolete scrap fell $22/ton (or 5.3%) to $390/ton. We believe the main drivers of declining scrap prices this month were dismal export demand and reduced domestic steel production on the back of weak sheet orders and a delayed spring construction season. Prime scrap prices and iron ore prices moved in tandem over the past month, with the prime scrap to iron ore ratio remaining unchanged at 2.81 - some 3.5% below the post-GFC average.
(From Steel Market Intelligence: www.michelleapplebaum.com .)