U.S. ferrous scrap prices dropped $10-20/GT during February domestic trading with prime tags besting secondary tags in most markets. Mills pushed for deeper discounts during the trading week, generally finding resistance to across-the-board discounts at $20/GT to fill their order books.
Such was not the case in Alabama and Arkansas where ferrous scrap prices slid by $30/GT this month giving back most of their gains from January. The dip in ferrous prices may prove to be fleeting, however, as multiple export shipments to Turkey starting in late January are already moving excess tonnage at higher prices ahead of domestic trading in March.
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.