US mills cancel prime scrap while obsolete outlook remains firm

摘要

Steel mill cancellations of undelivered January scrap in the US were mostly isolated to prime grades as they allowed suppliers to continue to ship obsolete grades into February, furthering the idea that prime grades would come under pressure this month while obsolete pricing was likely to remain unchanged. Mills in Indiana, Illinois, Ohio, Michigan and Pittsburgh had issued cancellation notices to suppliers effective at the close of business on January 31.