Ferrous Scrap Surprises to the Low Side in October

Ferrous scrap prices for October traded sideways to slightly lower in most parts of the country, surprising the experts who had been expecting scrap to move higher for another month.

“October sales have brought stable pricing for the majority in the Ohio Valley and Midwest. There seems to be a balance between supply and demand as both sellers and buyers view the fourth quarter as flat,” said a dealer in the Northeast. “Expectations for higher prices in October were diminished as export prices dropped throughout September and into the first week of October. Large national consumers delayed buying, signaling to the marketplace there was less urgency to buy and potentially more tons available.”