Ferrous scrap prices shook off their two-month slide in domestic trading this week settling $10-20/GT higher against September levels. Prices in Northern and Southern markets mirrored one another with prime tags up $20/GT in the North and $10/GT in the South, while secondary tags were up $10/GT in the North and $20/GT in the South.
Market participants sensed further strength in ferrous scrap prices as most regions settled Friday, potentially signaling more deals to be made during the month. The modest up tick for October was tempered by short supplies of plate and structural steel, and a surplus of steel turnings that may inhibit an increase in pricing.
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.