Ferrous falls up to $30/T, obsolete grades do best

Nov 12, 2007 | 12:03 PM | Michael Marley

Prices for such prime industrial steel scrap grades as No. 1 bundles and busheling slumped as much as $30 a ton this month while offers for such obsolete scrap as No. 1 heavy melting steel and shredded fared a bit better, declining by only $5 to $10 in some regions.

The slide in the dealer scrap markets was fueled in part by the $25-a-ton decline in the price of the auto industry's factory bundles auctioned late last month. A slide was anticipated, especially in the last week of October as the date for the auto bundles sale approached, although it was about $10 more than many scrap brokers and processors had expected.

In the previous auto scrap sale one month earlier, the prices were unchanged. But the dealer market that followed that sale was weaker, with prices sagging by about $10 a ton on average and continuing to inch downward throughout October.....

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