CMC sees flat scrap market in near term
Oct 24, 2013 | 10:38 AM
| Sean Davidson
NEW YORK Commercial Metals Co. (CMC) expects ferrous and nonferrous scrap export markets to remain flat in the current quarter amid moderate demand cues.
Global overcapacity and pricing pressure has made it difficult to say where scrap markets are going, CMC chairman, president and chief executive officer Joseph Alvarado said during an earnings call with analysts.
"We see them as flat in the near term, and that would include the impact of export activity. This flatness continues, and you might recall a couple of years back we had about six or seven months of very flat pricing in scrap, mostly owing to global demand, and we might be in one of those periods. And that might mute some of what is normally a seasonal pickup in November and December before the holidays," he told analysts.....
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