Ferrous Scrap Down $20-$25 in Early September Trades

As of the first week of September, with the market still unsettled, ferrous scrap was expected to trend down for the month by another $20 per ton for obsolete grades and perhaps that much for prime, report Steel Market Update sources. On Friday afternoon, we did hear that prices settled in some of the markets with prices dropping $20 to $25 per gross ton depending on product and region.

“Higher export prices and weaker inflows over the last week put a floor on the market and dealers resisted price cuts of more than $20,” said one dealer in the Northeast, “but there will be a sizable bounce over the next 30-60 days.”