Scrap price sentiment seen climbing for Aug.
Jul 30, 2014 | 04:10 PM
| Sean Davidson
NEW YORK U.S. steel mills are unlikely to cancel outstanding scrap orders July 31 as market sentiment on Augusts price direction improves.
Prices for prime grades such as No. 1 busheling could come under moderate pressure, while obsolete grades could trend from sideways to up $10 per gross ton, according to an informal survey by AMM.
Many market participants noted that sentiment has improved from a week ago (amm.com, July 22), with fewer respondents this week anticipating weaker prices and more expecting a modest uptick in prices for obsolete scrap.
Around 65 percent of market buyers, sellers and traders polled across the country speculated that all scrap grades would trend sideways in August, while slightly more than 27 percent of respondents believe prices on grades such as No. 1 heavy melt and shred could increase by up to $10 per ton. Only 10 percent of respondents last week felt prices could trend higher in August.....
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