Ferrous Scrap Index sideways in unusual Jan.
Jan 10, 2013 | 04:49 PM
| Sean Davidson
NEW YORK AMMs Midwest Ferrous Scrap Index settled sideways for the second consecutive month in January as supply and demand realities forced a diversion from the traditional seasonal trend.
In Chicago and northwest Indiana, steady inflows into dealer yards amid a lack of snow and the inability to ship scrap outside the region via a low-volume Mississippi River denied scrap prices any upside support, according to market participants.
Sources in the greater regions of Detroit and St. Louis reported similar factors in their markets, leading to sideways pricing for January, a traditionally robust pricing month.
At the same time, demand across various sectors of the steel industrybarring the weaker special bar quality (SBQ) product segmentreportedly stayed steady. Apart from a few mills eager to secure scrap tons, market sources said demand from most producers was unchanged in January, setting the pace for a relatively status-quo scrap market.....
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