Buyers continued to apply price cuts of at least 400 pesos ($20) per tonne during the week, with some reporting price cuts as high as 900 pesos per tonne, depending on the grade.
Generally, price cuts for prime scrap were less steep due to limited supply, but prices fell for all 10 grades tracked by Fastmarkets.
Fastmarkets’ assessment of the steel scrap No1 busheling, consumer buying price, delivered mill Monterrey was 12,300 pesos per tonne on Tuesday June 7, down by 300 pesos per tonne from 12,600 pesos per tonne a week earlier.
The assessment of the steel scrap No1 heavy melt, consumer buying price, delivered mill Monterrey fell by 550 pesos pesos per tonne week on week, to 9,500 pesos per tonne on Tuesday from 10,050 pesos per tonne previously.
Meanwhile, Fastmarkets assessed the steel scrap No1 busheling, consumer buying price, delivered mill Bajio at 12,800 pesos per tonne on June 7, down by 500 pesos per tonne from 13,300 pesos per tonne a week before.
And the weekly assessment of the steel scrap No1 heavy melt, consumer buying price, delivered mill Bajío, fell by 350 pesos per tonne, to 8,950 pesos per tonne from 9,300 pesos per tonne.
There is no end in sight to the price reductions, according to market participants, who are waiting to see the outcome of the June settlements in the US scrap markets.
The settlement kicked off on Monday June 6, with some steel meltshops in the US Southeast and in Detroit purchasing prime and obsolete scrap at discounts of $50 per gross ton from May prices.