Economy
December 5, 2017
Scrap Negotiations Yield Higher Numbers Than Expected
Written by John Packard
The ferrous scrap market is heading higher. In a surprise to scrap experts (and probably the mills), prices are rising with some early deals done at +$20 per gross ton on prime grades and +$30 per gross ton on everything else. That is where Detroit settled earlier this week.
Steel buyers need to be aware of the higher than expected December scrap numbers. The higher numbers will provide cover for the domestic steel mills to raise prices further in the coming weeks. Especially with the expectation for even higher numbers in January.
