Beam buyers await price cues as scrap drops
Nov 04, 2011 | 03:09 PM
| Frank Haflich
LOS ANGELES The shoe might be ready to drop for wide-flange steel beams, as buyers wonder just how much of a fall in a key scrap grade would be enough to force a decline in published mill tags.
A $30 plunge in AMMs consumer buying price for automotive shredded scrap in the Chicago market to $410 per ton hasnt convinced beam buyers that theyll see a corresponding fall in beam tags, especially since stiff mill competition has, in many cases, already pushed negotiated mill tags lower. The benchmark Chicago price is used by some mills as the basis for their raw materials surcharges.....
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