Early Debate Regarding March Scrap Prices – Up, Down or Sideways?

With scrap prices taking a bit of a tumble during the month of February – which did not lend a helping hand to the domestic mills who wished to raise prices – all eyes are now already focused on March. What will March bring for the industry? Will the month come in like a lion – pushing scrap prices up by $20 to $30 per gross ton as some in the industry believe? Or, will the month come in tame and roll over right where we are? Then there are those who are of the mind that March will be another month where scrap will give up another $20 per gross ton (or more). Each scenario is being discussed and debated within the industry.

It is, as one dealer told SMU, “way too early to tell…” but, with the drop in the indices this week, the Chinese steel on holiday (thus foreign is quiet) people are looking for scrap to be the leader. So, here is what we are hearing.