Philadelphia ferrous scrap market tumbles

Jun 12, 2012 | 03:30 PM | Sean Davidson

Tags  ferrous scrap, scrap prices, Philadelphia market, busheling, bundles, shredded scrap, Sean Davidson

NEW YORK — Shredded steel scrap prices took the worst beating among ferrous grades in Philadelphia, as weak demand combined with declining export values to send all domestic tags down for June.

The Philadelphia market finally settled late Monday, after the final mill entered the market to make its purchase for June. Market participants said only three mills were customers in the monthly spot market, while a fourth filled orders mostly on contract buying. RG Steel LLC was once again out of the market.

The first mill to make its buys for June entered early last week and appears to have offered suppliers the best values, dropping prices by $50 per tonne on average. However, a rapidly declining market enabled the second consumer to shop a few dollars below those values, while the third consumer hit the market hard on Monday.....

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