Scrap Dealers Surprised by the Magnitude of the Drop in Scrap Pricing

Prior to the beginning of the month most scrap dealers were resigned to the fact that ferrous scrap prices would decline by $20 per gross ton and, in some remote areas, perhaps as much as $30. By the end of this past week the dust had settled and scrap prices had dropped by a minimum of $30 and in the east by as much as $40 per gross ton.

Here is how one of our ferrous scrap sources laid out the markets in the East and Ohio Vallley: