Sentiment rises for August scrap rebound
Jul 18, 2012 | 04:26 PM
| Sean Davidson
NEW YORK Supply-side concerns are likely to send ferrous scrap tags higher in August as dealers combat a slowdown in scrap flow caused by weaker prices and unfavorably hot weather in many regions, according to several market participants.
Nearly half the consumers and dealers contacted by AMM predicted increases of between $10 and $40 per ton on all scrap grades from prices concluded by July 10. The remaining half was almost equally split between those who felt prices could return to Junes levels and those who said the market will trend sideways.
The near-unanimous consensus, however, was that the market bottomed in July, with just a few sources saying they were uncertain if the market had indeed leveled out.
Market participants cited a spike in recent offers from a few mills that fell short on their buying programs in July as their main reasoning behind a bottomed-out scrap market.....
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