Outlook for scrap tags slips as mills nix orders
Sep 04, 2012 | 04:28 PM
| Sean Davidson
NEW YORK Several Midwest steel mills are said to have canceled previously scheduled scrap orders in recent days in a move that some speculate could indicate a negative pricing trend for September.
Steel mills in the Midwest are said poised to enter the scrap market Wednesday to begin talks on deliveries for the month.
But while most market players had previously predicted a sideways market for September (amm.com, Aug. 30), news of the recent cancellations has left some dealers nervous that the scrap market might be losing steam.
"(There have been) no early deals for September, but we are now hearing the market is down. Some mills have canceled orders," one dealer/broker source told AMM.
At least five steel producers have canceled orders at some of their facilities in recent trading days, according to market sources. That material would have been booked in early August for late August or early September delivery.....
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