November ferrous scrap prices trended up and markets settled quickly in domestic trading last week. Most markets saw prime tags rise $10/GT, while obsolete scrap jumped by $20/GT over last month.
Supplies of prime scrap were abundant, but relatively tight for obsolete grades which moved quickly on higher prices. Also of note, mills topped 80% utilization during the last week of October. It was first time mills exceeded the 80% mark since 2012, which was the only other time in the past 10-1/2 years.
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.