Steel scrap prices near inflection point: Jefferies

Apr 16, 2012 | 12:46 PM | Anne Riley

Tags  Jefferies & co., Luke Folta, ferrous scrap, anne riley

NEW YORK — Ferrous scrap prices might be nearing an inflection point in the U.S. market after months of sideways and downward movement, according to a Jefferies & Co. Inc. analyst.

"The supply pressure on prime grades is showing early signs of abating, and increased substitution of busheling in place of shredded scrap should help expedite the process," Jefferies equities analyst Luke Folta wrote in a report Monday.....

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