Scrap trade gears up in Sandy's aftermath
Oct 31, 2012 | 12:42 PM
| Lisa Gordon
Tags
ferrous scrap,
november buying,
hurricane sandy,
lisa gordon
PITTSBURGH — Hurricane Sandy has managed to bring parts of the East Coast to a screeching halt, but it appears unlikely the storm’s aftermath will disrupt the monthly ferrous scrap trade, which most sources say looks set to begin later this week at a premium to October’s levels.
At least two Detroit mill buyers told AMM they will be active in the market on Friday or Monday at the latest, with both expecting prices to settle higher than the previous month’s trades.
"I am thinking this market will be up $20 to $30 (per gross ton) but it could settle up $40," said one of the Detroit mill buyers, adding that he plans to secure his melting needs on Friday or Monday.....
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