Domestic trading opened late last week following the holiday weekend with scrap prices falling by as much as $40/GT from their August levels. Most markets saw prime tags drop $40/GT and secondary tags lose $30-40/GT as markets settled. Early expectations favored a softer market down $20/GT that never materialized as prices moved quickly and sharply lower.
September’s surprise reversal from August gains holds little promise for ferrous scrap prices through the end of the year. Several mills are closed for maintenance this month and even more will temporarily shut down in October followed by the year-end holiday season.
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.