Effort to lift beam tags defused by shred’s fall

Jun 09, 2014 | 05:44 PM | Frank Haflich

Tags  steel beams, wide-flange beams, beam prices, shredded scrap, scrap prices, Nucor-Yamato Steel, Nucor, Gerdau Long Steel North America Kenneth Simonson

LOS ANGELES — Softening scrap tags are defusing any effort to raise beam prices, despite what appears to be improving activity in nonresidential construction, according to most buyer sources.

Wide-flange beam prices are expected to remain steady for the next few weeks following a reduction in a key scrap grade for June, but it’s unclear how long this will last.

AMM last week lowered its consumer buying price for shredded automotive scrap in the Chicago market by 4.7 percent to $365 per ton from $383 per ton previously. This resulted in a cumulative decline of 8.3 percent for this benchmark product, often the basis of mills’ raw material costs, from $398 per ton in April.....

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