Scrap prices poised for another weak month

Feb 26, 2014 | 04:53 PM | Sean Davidson

Tags  scrap, ferrous scrap, scrap prices, steel mills, Sean Davidson

NEW YORK — Domestic ferrous scrap prices are expected to trend lower in March as lackluster export volumes and anticipated demand continue to tilt supply and demand fundamentals toward consumers.

Early speculation from market participants points to a market that could be down anywhere between $10 and $30 per gross ton for all scrap grades, with several sources speculating that the declines could land in the middle of that range at around down $20.

Midwest dealers, battered by winter storms that have resulted in weak collections of obsolete scrap, said they hoped March price movements would trend sideways to down $10 per ton since they need price support to encourage peddlers to gather and bring in better volumes.

Many claimed that Midwest steel mills didn’t receive all the scrap they booked for February, mainly due to logistical issues that delayed the supply of rail cars.....

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