Ferrous scrap market prepares for battle
Feb 04, 2014 | 05:26 PM
| Sean Davidson
NEW YORK Persistent winter storms across much of the United States and a slight uptick in bulk export activity have tempered speculation on February ferrous scrap prices as the Midwest market prepares to trade.
In what many described as a confusing market, weather-related supply-side concerns are up against mill buyers desire for lower scrap prices in a battle that is likely to begin Feb. 5 in key markets.
Scrap dealers reporting anemic obsolete scrap flows into their yards will try to prevent any damaging effects that a fall in prime scrap prices would have on cut gradessuch as heavy melt, and plate and structural scrap. And mill buyers are likely to cite lower demand, sufficient supply of prime and shredded scrap, and availability of some export material during their downward push.
Most mills canceled old orders at the end of last week as they geared up to send February prices lower, sources said.....
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