The trading week for domestic ferrous scrap got off to a slow start, as market participants wrangled over lower prices. Many markets will likely not settle until next week with Rosh Hashanah (The Jewish New Year) observed September 9-11 and keeping some traders on the sidelines.
Market participants projected a $20-30/GT domestic downturn from August levels before trading opened this week and that range has held in deals struck thus far. Prime tags were holding to the low end of the range, while secondary tags were showing slightly more weakness at the mid to high end of the range. Southern markets were mostly settled by Friday down $20-25/GT.
We will continue to keep you updated on market conditions through our website news section, so check back often. Metro Alloys has successfully served its clients for more than 30 years in all market conditions and we encourage you to contact your sales representative, Marvin Fish, Gary Kamp or Abby Frank with any questions.