U.S. ferrous scrap prices were decidedly lower in domestic trading for October, with prime scrap dropping $40/GT nationwide from September levels, and shredded and cut grades losing $30-40/GT on a region by region basis. Steel turnings escaped the otherwise deep discounts of other ferrous tags, trading sideways to down $10/GT by market on limited supply, the result of striking union workers at General Motors.
Market experts express ferrous scrap may have finally bottomed out this month after dropping some $160/GT the past 6 months. October demand was generally slow against ample supply for most grades, and multiple mills closed for scheduled maintenance.
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.