As supply-side fundamentals started to tighten and mill demand was on the rise, the US scrap market witnessed only a modest downward shift in prices last month. These subtle movements provided an early indication that, following three consecutive months of declines, a floor had finally been reached. While market participants soon started to anticipate somewhat of a revival in July, price increases largely outstripped early expectations, rising by up to $35/lt with movements varying greatly by grade and location.
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