Early indications point to possible scrap fall

Mar 29, 2013 | 02:37 PM | Sean Davidson

Tags  ferrous scrap, scrap prices, plate and structural scrap, shredded scrap, Sean Davidson

NEW YORK — U.S. ferrous scrap prices could drop anywhere between $10 and $20 per gross ton in April, depending on region and grade, according to early speculation in the industry.

Although most sources said there has been no real activity, some mills reportedly have concluded early trades for low volumes of plate and structural scrap and shredded scrap in a down $10- to $20-per-ton range.

Market participants said they expect most major steel mills to come forward with bids by April 2 or 3.

With many predicting an April price softening, several Midwest mills reportedly have cut back on pending March orders in hope of buying material cheaper in just a few days’ time.

Meanwhile, many suppliers said they will fight moves to drop prices by more than $10 because a bigger decline would shut down scrap flows in the Midwest, which remained tight despite large price increases in March.....

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