Domestic trading for ferrous scrap quickly settled last week with January prices rising $30/GT for primary and secondary tags from last month. The first market of the New Year continued a three-month trend in which ferrous scrap prices moved higher by $80-90/GT after shedding approximately 40% last year.
Looking ahead, market experts are now speculating whether the recent price run has peaked, and where supply and demand may be in February. Order quantities were stout in January leading some pundits to believe supplies could be limited next month, especially if winter weather chokes off material flow. Otherwise, the market appears to be pretty well balanced, leaving what happens in February open for now.
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.