Domestic trading for ferrous scrap lined up nationally this week with prime tags gaining $10/GT from February levels and secondary tags trending sideways. The trading week further widened the gap between busheling and shredded prices, and puzzled market participants who largely anticipated $10/GT more across all grades before March trading started.
There is definitely some coronavirus overhang in the market. Supply and demand was generally on par, although in isolated cases mills were looking for additional tonnage at market prices. Like February, this may indicate a few quiet deals at higher prices later in March capitalizing on any supply overhang from this week’s trading.
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.