Early shredded sale said sign of soft Oct. mart
Sep 26, 2012 | 02:51 PM
| Sean Davidson
Tags
ferrous scrap,
shredded,
Sean Davidson
NEW YORK — The domestic ferrous scrap market looks to be heading for a downturn in October, sources told AMM, with the tone for imminent price weakness apparently set by an early shredded scrap sale by an upstate New York dealer.
The seller reported a sale of 46,000 gross tons of shredded scrap to two domestic brokers late Tuesday at a price that was down $45 from levels recorded by the seller a month ago after initial offers of $35 and $40 below prior-month levels were rejected by potential buyers.
"After I heard the export docks lowered another $5 and the Turkey sale price dropped, I lowered my price. I am not saying it was a great sale, but I feel very lucky to have made a sale," he told AMM.
Several sources said they had heard about the sale, although no confirmation was available on the transacted price. Market participants also were divided on whether the sale was to two brokers, as reported, or just one.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here