Recent US scrap buys suggest bottoming out
Oct 17, 2012 | 02:16 PM
| Lisa Gordon
PITTSBURGH Early indications suggest the domestic ferrous scrap market may have bottomed out in October, though it remains to be seen whether November will roll over sideways or see a slight rebound, scrap sources say.
In the weeks since the majority of Octobers deals were concluded, some mill buyers have returned to the market to pick up additional tons at a flat price, while others have paid up $10 to secure their melting needs, AMM understands.
At the same time, some renewed export strength, low inventory levels at mills and scrapyards, and a slowdown of inbound scrap flows are all said to be keeping prices from falling further after Octobers significant drop.
Its too early to tell how November scrap prices will shake out, but sources said these signs all point to a possible recoveryor at least some stabilityahead.....
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.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.