Ferrous scrap seen at bottom; pickup eyed

Nov 22, 2011 | 03:04 PM | Lisa Gordon

Tags  plate and structural scrap, scrap prices, heavy melting scrap, ferrous scrap prices, Lisa Gordon

PITTSBURGH — The U.S. ferrous scrap market appears to have hit bottom, but opinions are mixed on whether there will be a sideways shift or slight uptick in business in December to January amid lighter melting schedules at most of the mills due to the holiday season.

Scrapyards are expecting an improved pricing environment over the next 60 days due to conservative buying practices by the mills and a decrease in flows of unprocessed materials into the yards. "I don’t think the market is headed down because there seems to be a gentle uptick underway," one Pennsylvania mill buyer said.....

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