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.....

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