Shredded scrap prices seen falling nearly 80% in 2009

Nov 18, 2008 | 11:09 AM | Paul Schaffer

The price of shredded steel scrap, recently $125 a long ton, is pegged at an average of $410 per ton for this year, according to the research unit of investment bank New York-based Morgan Stanley Group Inc. However, that value will fall an estimated 79.8 percent to $228 per ton before rebounding to $358 per ton in 2010, it added.

"We expect scrap prices to rebound in 2010 and to rise thereafter," according to Morgan Stanley analysts Mark Liinamaa and Evan Kurtz. "We believe only moderate demand recovery is necessary to reinflate scrap prices," according to their Nov. 18 report.....

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