US prime scrap market bracing for steep drop
Jun 01, 2012 | 01:47 PM
| Lisa Gordon
Tags
scrap prices,
No. 1 busheling,
bundles,
prime scrap,
Lisa Gordon
PITTSBURGH — A multi-month slide in prime scrap prices looks poised to continue, with market participants expecting premium grades to take the biggest hit in June.
"The $20 a ton we were talking down on prime last week has gone way past that number at this point. There is an oversupply that will remain for at least 60 days," a Midwest mill buyer said Friday.
Players in the market are now projecting that prices could fall by as much as $35 per ton in some regions when mill buyers return to the market Monday to begin their June business.
"I have been steadily offered primes at lower numbers starting a week ago Wednesday," an eastern broker said. "Offers came in at $435 a gross ton, then $425 and now $420, which would be down $35. Dealers are very willing to lock in orders at to-be-determined prices."....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here