Scrap price slide won’t hit long steel: buyers
Feb 07, 2013 | 03:56 PM
| Samuel Frizell
NEW YORK Most buyers say they expect to see no decrease in steel long product prices for the third month in a row, despite a slight softening in ferrous scrap prices in the key Chicago region.
"(The mills) will announce sideways next weekyou can count on that," a source at a Midwest reinforcing bar fabricator said.
Mills raw material surcharges on long products often move in tandem with scrap prices, particularly shredded automotive scrap in the Chicago market, which settled down $9 to $377 per gross ton on Feb. 7. ....
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