Tight supply expected to drive up scrap prices
Feb 19, 2013 | 02:27 PM
| Lisa Gordon
Tags
ferrous scrap,
scrap prices,
plate and structural scrap,
No. 2 heavy melting scrap,
steel,
mills,
Lisa Gordon
PITTSBURGH — Steel mill buyers and ferrous scrap suppliers expect March pricing to be a repeat of January.
"This market is supply-driven. There is no inbound flow, and buy prices are already rising. I expect at least January levels, possibly more, in March," said an executive for a large chain of scrapyards serving Ohio and Pennsylvania.
The scrap market pulled back in February as mills were able to secure their melting needs at discounts to January’s prices, but those deals are no longer available.
"Some mills came back and paid January prices for plate and structural scrap. It’s pretty clear that with good demand in the east and insufficient buying in February, we’ll see January prices or very close around here, and maybe a little higher for the cut grades," an East Coast player said. ....
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