NEW YORK Bare
bright supply is loosening up, but haggling over prices has led
dealers to hang on to the metal, copper scrap consumers and
sellers told AMM.
"I think (bare bright
supply) is flowing, but it can be tight in getting those loads
out," a copper scrap broker said. "The markets up a
little and (consumers are) trying to widen the spread."
makers bare bright scrap discounts held at 4 to 6 cents
per pound, putting prices at $3.21 to $3.23 per pound based on
a Sept. 25 December-delivery Comex settlement price of $3.272
per pound. However, sources said discounts are "all over the
place" as bare bright supply rises and sellers struggle with
the potential widening of spreads.
"We do mountains of
bare bright, 10 to 20 loads a month," one scrap seller said,
adding that consumers have sought lower prices because of the
rise in supply. "We hold onto it sometimes or try to find
Sellers might sit on
bare bright inventory ahead of the fourth quarter if they have
made enough money and can roll the material into the next year,
one copper trader said.
Bare bright discounts
have also been affected by a recent spike in the Comex price,
which surged to $3.347 per pound Sept. 19 from $3.2785 per
pound a day earlier. Prices settled at $3.307 per pound Sept.
Scrap demand has been
slower overall, market sources said.
All copper scrap
discounts held steady this week.