Last week we saw a massive price decline across the board in the global scrap market. U.S. No. 1 busheling was down 15.7% or $57.5 to $310, East Coast shred fell about 15% or $40 to $232.5, while Midwest shred fell 14.7% or $35 to $232.5. Scrap also fell 14.5% for HMS Rotterdam and 11.7% for HMS Turkey. HRC prices continued lower last week, exacerbated by the lower scrap tags among other issues. CRU Midwest HRC fell $17 to $543.