Ferrous scrap tags look poised to slide in June
May 28, 2014 | 04:47 PM
| Sean Davidson
NEW YORK Ferrous scrap prices look set to fall in June, with shredded scrap poised for the biggest drop, according to market participants.
Shredded scrap is expected to be the weakest grade traded to Midwest mills as improved flows into dealer yards and planned outages at some mills are likely to tip the scale to supply outweighing demand, they said.
In an informal survey by AMM, the majority of sources speculated that June prices for shredded scrap were leaning toward a $20-per-gross-ton drop compared with May, while mill buyers and their suppliers speculated that the obsolete gradeslike heavy meltcould perform marginally better at a $15-per-ton decline.
Prime scrap, like No. 1 busheling, is widely expected to be the least scathed in June, with most of those surveyed estimating prices will drop by a maximum of $10 per ton, although some suggested that the prime grades could trend sideways.....
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