may us scrap downside potential discussed at $10-$30/lt

摘要

Bearishness gripped the US ferrous market on Tuesday with some hopeful suppliers believing May price falls could be limited to $10/lt yet others bracing for a drop of as much as $30/lt. “I didn’t see much scrap on the ground last week, but that doesn’t matter in this environment,” one supplier said. “I think mills are happy to eat into inventories in the falling market.” The supplier believed Midwest markets would fall $20/lt while pricing falls in coastal markets could be limited to $10/lt. Any potential May price drops will be impacted by the starting point as the Detroit region only fell $20/lt in April compared to $25/lt falls elsewhere.