Dealers win tussle over Oct. ferrous scrap tags
Oct 10, 2013 | 05:56 PM
| Sean Davidson
NEW YORK Midwest ferrous scrap trades beat market sentiment for October and avoided another month of declining prices as dealers stayed firm to ward off any downward pressure.
Despite initial speculation and rhetoric that scrap prices would fall anywhere between $10 and $20 per gross ton this month, dealers fought against the tide when many noticed that steel mills did not cancel unfilled orders toward the end of September, market participants said.
"Mill buyers and mill-owned scrap companies or their exclusive brokers can talk the market down all they want. But if they dont cancel orders when they expect prices to drop thats the first sign that demand is better than we thought," said one Midwest dealer. "We were hearing all this talk and some people did sell some tons at down money, but when the mills finally came in they had heard the same thing from most scrap dealers: that dealers would not sell below September prices and....
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