Jan. scrap market quiet as suppliers await bids

Jan 02, 2013 | 05:03 PM | Sean Davidson

Tags  scrap, ferrous scrap prices, Sean Davidson

NEW YORK — The first signs of where domestic ferrous scrap prices could settle in January are unlikely to emerge until late this week as mills have yet to trade for the month.

As of midday Wednesday, sources said some mills had made inquiries about scrap but none had offered any indications on price.

Most market participants said price trends will become clearer between Friday and Monday, although a handful of players said the market could see some low-volume trading as early as Thursday. On Wednesday, most continued to speculate that prices would be flat to up $20 per gross ton from December levels, as previously reported (amm.com, Dec. 21).

"Many (mills) would buy sideways, but offers are sparse and all up $15 to $20, so no buyers. I see half the nation sideways and the other half at plus $15," said one source, who speculated that mills in Chicago and the South will trade sideways, with Ohio, Pennsylvania and the Carolinas trending up.....

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