NEW YORK Discounts for copper scrap grades were unchanged this week, but market participants said that most buyers and sellers are anticipating price volatility as the government emerges from a two-week shutdown.
The effects of the shutdown were mostly being felt by scrap exporters, one copper scrap seller said
"The Chinese thought they would be able to buy things cheaper because of the problems in the U.S. They have been lowering quotes to below-market levels over the past two weeks," he said, adding that most exporters were able to hold the line on prices. "Everyone is watching to see what is going to happen now that (the U.S. government is) back online."
Brass scrap tags also were steady this week, with sources indicating that the market had remained relatively quiet over the past week. Red brass (No. 1 composition solids) held at $2.48 to $2.52 per pound, composition borings and turnings at $2.45 to $2.48, radiators at $2.15 to $2.16 and yellow brass solids at $2.10 to $2.12.
All other secondary grades were unchanged.