Cold weather, exports cloud Feb. scrap market
Jan 24, 2014 | 06:05 PM
| Sean Davidson
NEW YORK Weather conditions and export demand over the next two weeks will dictate the direction of Midwest ferrous scrap prices in February, but neither has prevented a bearish sentiment from sneaking into market speculation.
Midwest dealers and brokers suggest that sufficient flows of prime grades like No. 1 busheling vs. anemic flows of obsolete material that is processed into heavy melt and shredded could repeat January trends, making prime scrap the weakest grade.
Scrap dealers surveyed informally by AMM speculate that prime scrap prices could trend sideways to down $30 per gross ton, with obsolete grades poised to perform a tad better. The consensus fell toward the median of that range.
Most market participants reported poor inbound and outbound scrap flows this month in Chicago and Indiana due to extreme cold weather, with mixed reports on inbound flows from players in other Midwest regions such as Detroit and St. Louis.....
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