Recent US scrap buys suggest bottoming out

Oct 17, 2012 | 02:16 PM | Lisa Gordon

Tags  shredded scrap, busheling, steel prices, scrap prices, 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 October’s 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 October’s significant drop.

It’s too early to tell how November scrap prices will shake out, but sources said these signs all point to a possible recovery—or at least some stability—ahead.....

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