March scrap market still waiting on price trends

Mar 04, 2014 | 05:02 PM | Sean Davidson

Tags  scrap, ferrous, steel, Detroit, St. Louis, Ohio, Philadelphia, heavy melt HMS

NEW YORK — Uncertainty on price direction prevailed across much of the United States as sporadic ferrous scrap trading did little to help markets narrow in on any firm trends for March.

Small-volume deals were reported in the Ohio Valley, the Mid Atlantic, the Carolinas and Alabama, with price trends varying greatly by region, as most market participants contacted by AMM continued to wait for steel mills to announce their price and volume targets for March.

Sources said some shredded scrap sales in the Ohio Valley and eastern Pennsylvania had concluded in a range of $390 to $405 per gross ton at trends of down $10 to $20 per ton from February levels.

Market participants were quick to point out that only limited volumes had sold at these levels and opinion was divided on whether the markets will or won’t eventually perform better than previous speculation of down $20 to $30 per ton from February pricing.....

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