Steel scrap prices expected to stay flat

Jul 25, 2013 | 04:15 PM | Sean Davidson

Tags  ferrous scrap, scrap prices, shredded scrap, prime grades, Sean Davidson

NEW YORK — Ferrous scrap prices for prime grades in the Midwest are likely to trade sideways in August, with obsolete grades and shred expected to come under a little pressure, according to early market speculation.

Most market sources suggested that scrap prices on all grades will stay mostly unchanged from July levels, while only some sources speculated that shred and cut grades could trade about $5 to $10 per gross ton under July prices.

A few sources said shred could lose some ground, given the volume on offer after July’s buying programs concluded, but one Chicago-area dealer said he was confident the market would trend sideways after concluding an early sale for August to an area mill at prices unchanged from July.

Other large suppliers and consumers agreed.

"I see it sideways for August. I don’t see a reason for too much change," a source at one large supplier said.....

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