Midwest ferrous scrap prices sink in Feb.
Feb 10, 2014 | 05:13 PM
| Sean Davidson
ST. LOUIS Midwest ferrous scrap prices plummeted this month as mill buyers welcomed a push by exporters to send domestic prices down.
With a strong dollar making bulk export transactions unviable to several countries, exporters were left with large volumes of unsold scrap despite winter weather reducing scrap flows, market participants said.
With Turkey staying away from U.S. shores by mid-January, it became clear that exporters would offer scrap inland. From the East Coast, shredded scrap was expected to make its way into the Ohio Valley region. From the Gulf Coast, Mississippi River mills were expected to be the benefactors. And from the West Coast, some sources expected scrap to make its way to the outer borders of the Midwest.....
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