Brazil domestic ferrous scrap prices stable in early December

摘要

Brazilian ferrous scrap prices were rangebound at the start of December, despite mill’s attempt to pull prices down further in the previous weeks. After a strong downtrend throughout the year, costing drops of at least 27% on ferrous scrap values, market sentiment is that prices have reached the bottom. “For a long period it wasn’t a matter of prices, but volumes sold,” one source said. He added that trade was paralyzed, which was unusual. “Every last week of the month is active, regardless of the market situation…but the phone didn’t ring,” he said.