Midwest scrap prices seen rising in November

Oct 25, 2013 | 05:40 PM | Sean Davidson

Tags  ferrous scrap, heavy melt, shred, prime scrap, Sean Davidson

NEW YORK — Midwest ferrous scrap prices are expected to increase up to $50 per gross ton over the course of the winter, with November likely to kick-start the push for higher prices.

Market participants said seasonal tightness in scrap supplies, strong mill demand, finished steel price increases and an uptick in export prices will be the main drivers of scrap prices through the winter.

Most sources speculated that a $40- to $50-per-ton increase over the next two to three months likely will come in a minimum of two installments, with the first expected in November.

Several Midwest mill buyers estimated that scrap prices in November could rise between $10 and $20 per ton from this month’s levels, while suppliers were divided between speculated increases of $10 to $20 per ton and $20 to $30 per ton.....





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