Have Ferrous Scrap Prices Bottomed?

Shredded scrap prices are up approximately $20 per ton compared to where they were the first week of December.  According to Mike Marley of MetalPrices.com, shred is in tight supply in several Midwest cities due to the decline in the flows of shredded feedstock due to the lower selling prices in October and November and auto wreckers and smaller dealers being content to sit on the sidelines until they see higher prices being offered.

One of the East Coast dealers echoed the views of Mike Marley as he reported shred up $20 due to the slow flows of new scrap into the yards.