Pittsburgh—Signs of a scrap pricing bottom were hard to come by this week as scrap suppliers struggled to place tons into steel mills despite a third consecutive monthly pricing drop. Steel mills were able to buy their June scrap requirements at down $30/lt and they met their needs with relative ease. Some reported turning away tons as early as Wednesday. One mill said it had a chance to “go long” and buy supplemental material at down $30/lt but chose not too, believing a market bounceback was not in the immediate future.
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