Domestic cut and shredded scrap prices in the export-dependent regions of the United States’ ferrous scrap market could face further drops in October, pressured by an ongoing decline in US export markets.
Plunging prices for US deep-sea cargo exports to Turkey, caused by weakening demand, are reportedly dictating the direction of prices in export-influenced domestic markets, such as Philadelphia, where sellers broadly lost $25 per gross ton on cut and shredded scrap in the September trade. “The market has adjusted to the export downtrend. Is it the bottom from Turkey? They’re certainly dictating pricing over here,” a Philadelphia export source said. “I think primes and cuts are nearing the bottom, but there may be a little bit more to come in October.
Source By Metalbulletin