US ferrous scrap prices said due for June slide

May 25, 2012 | 03:01 PM | Lisa Gordon

Tags  scrap prices, shredded, busheling, heavy melting scrap, Lisa Gordon

PITTSBURGH — The pricing outlook for the domestic ferrous scrap market in June appears to have weakened further as a strong U.S. dollar, sparse export opportunities and an oversupply of scrap threaten to keep the market under pressure, buyer and seller sources have told AMM.

A growing number of market participants said they now expect June prices will fall by a minimum of $20 per gross ton, with brokers at mill-owned scrap companies said to targeting a drop of as much as $30 to $40 a ton. That compares with a more bullish pricing outlook less than two weeks ago, when U.S. steel mills, dealers and brokers told AMM they were anticipating a smaller drop of between $5 and $20 per gross ton across all grades (AMM, May 18).....

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