Ferrous scrap prices appear ready for bounce

Jul 30, 2012 | 12:43 PM | Lisa Gordon

Tags  scrap prices, shredded scrap, No. 1 busheling, rebar, Nucor, Gerdau Long Steel North America, Lisa Gordon

PITTSBURGH — Recent moves by some steel mills that entered the scrap market early, as well as retractions of price decreases in finished steel prices, could mean the scrap market is poised for a healthy bounce, according to some market participants.

Sources indicate it’s now a seller’s market, with widespread speculation that August will show a rebound from price levels seen in July and possibly settle at June levels.

"Shred is clearly in short supply, especially in the Ohio Valley and Midwest, where shredder feed prices have been quite low for a while now," one Pennsylvania shredder source said. "I am not sure so many people realized just how tight the supply is, but it’s becoming apparent. We’ll see at least June prices in August, maybe higher in some areas."....

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