Ferrous scrap prices seen moving sideways

Apr 25, 2014 | 05:48 PM | Sean Davidson

Tags  scrap, ferrous, price movements, scrap prices, steel, steel mills, procurement, survey U.S. scrap exports

NEW YORK — Midwest ferrous scrap prices will likely trend sideways in May according to early market speculation, with buyers and suppliers divided on whether the bias will swing marginally lower or higher.

Midwest mill buyers who responded to an AMM survey speculated a sideways to "soft sideways" market in May due primarily to warmer weather improving scrap flows into dealer yards. However, most Midwest suppliers who participated in the survey speculated that prices could trend completely unchanged from April’s prices or a "strong sideways," which implies modest increases of $5 to $10 per gross ton.

At least one-third of Midwest respondents, however, speculated that prices could similarly trend toward a "soft sideways" in May, meaning a decrease of up to $10 per ton.....

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