Midwest scrap market divided on July prices
Jun 30, 2014 | 04:24 PM
| Sean Davidson
NEW YORK Midwest steel mills likely will push for an unchanged ferrous scrap market in July despite pressure from suppliers for higher prices.
Several mill buyers in Chicago, Indiana and Detroit said they were unsure why dealers were bullish on July scrap prices (amm.com, June 25), citing a supply-demand balance to support their push for sideways prices in July.
"Hype is for the market to go up. Im not totally convinced that needs to happen on all grades, if any," one buyer said. "Well see what happens."
A second buyer said that overall demand could drop off a little. "We currently are sitting on a large inventory and will have a 55- to 65-percent program for July, with very little prime (scrap) need. That being said, I dont see any glaring reason why there is strength in this market outside of dealer chatter. Demand remains weaker in this region and there is plenty of scrap to be had," he said.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.