Scrap sellers on sidelines despite higher offers
Jul 13, 2012 | 03:37 PM
| Lisa Gordon
PITTSBURGH With the majority of the July deals settled, most scrap sellers report that theyve taken to the sidelines even though theyve received higher offers from mills that may have miscalculated their melting needs.
"Several mills came up short on their buys even though they were limited and came back to us for tons at down $20 instead of down $50," said a source selling into the Pittsburgh market. "We have turned them down and are doing maintenance. No sense selling scrap at a loss at this point."
The domestic ferrous scrap market took its second consecutive nosedive in July, with prices plummeting on average $50 a gross ton in most regions, but latecomers are said to be offering better prices, even though the numbers are still down compared with June levels.....
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