Before domestic trading opened last week, ferrous prices for scrap metal recycling material were poised to jump upwards of $30/GT on strong exports and two hurricanes bearing down on the U.S. mainland. As trading concluded yesterday, sellers were underwhelmed after taking only modest gains following hurricanes Harvey and Irma, with markets needing an extra day of trading in the new week to finally settle September contracts.
Northern markets finished mostly sideways to August prices, noting a number of contracts at higher prices on stronger exports before Labor Day. Markets closer to the hurricane zones fared somewhat better, taking up to $10/GT increases on prime and cut grades, and mostly sideways prices on other tags. Houston was particularly quiet with sideways prices.
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.