U.S. ferrous scrap prices were mixed in domestic trading this week as steel mills moved to lock up deals ahead of expected higher prices in March. Regional markets were mostly down $20/GT on prime tags and sideways on secondary grades from their respective January levels. Some southern markets were able to strike a handful of prime contracts down only $10/GT from last month.
Significant export tonnage off both coasts affected how the February domestic market came together, which experts feared might have a hangover after taking a disastrous hit in January. As the overseas shipments began taking down domestic inventory levels, U.S. mills moved quickly to fill their February order books expecting March prices would be higher on tighter supplies.
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.