Ferrous scrap sales in Brazil under 'quotas' amid oversupply

摘要

Sao Paulo—Ferrous scrap negotiations in Brazil were mostly reported under “quotas” since last week, with steelmakers limiting by volume the purchases and deliveries for each supplier on a weekly or monthly basis. Tons of ferrous scrap are piling up in the scrapyards of Brazilian suppliers and consumers. Local steelmakers have reduced production amid sluggish finished steel sales and a challenging economic outlook. Their scrap inventories are enough for more than three months, sources said, and there is no need for new supply.