‘Schizophrenic’ ferrous market takes odd leap

Dec 07, 2007 | 03:49 PM |

Ferrous scrap dealers have left the $15-a-ton increase in auto bundle prices in the dust, pushing through gains of as much as $40 a ton for dealer industrial steel scrap like No. 1 bundles and busheling and $25 to $35 for shredded and No. 1 heavy melt scrap.

The auto bundle prices often serve as an augur of what mills are likely to pay for the month. However, they have been all but ignored for December, a month when steel mills typically buy little or no scrap and scrap dealers are resigned to the fact that they must wait until January to see any price increases. Low inventories at some mills and expectations that finished steel sales will rise in the first quarter of next year spurred the market, according to some industry sources.....

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