Ferrous scrap prices took an unexpected turn in a domestic trading this week that quickly became an all-out buyer’s market. Busheling and shredded tags dropped $30-40/GT from December levels with isolated reports of steeper drops in $50-60/GT range. Steel turnings plummeted $70-90/GT.
Market participants were reporting many tons going unsold this week, with sellers in disbelief, and fears that February could yield further discounts from January prices. The sudden downdraft in U.S. ferrous scrap prices is in sharp contrast to recent exports, where prices to Turkey, Mexico and Asian markets have been relatively stable.
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.