Prime steel scrap remains under pressure in US, obsoletes may find bottom

摘要

Pittsburgh—As the August US scrap buy week approaches, the outlook for prime scrap remained bearish on strengthening industrial supply and softer demand, while obsolete grades were expected to remain sideways on tighter flows and strong export pricing. "The talk is that [primes are] down $20/lt or maybe even $30/lt. I think when it comes around a little bit it'll be $20/lt," said one broker. "I do think we're nearing a bottom, but calling the demand picture mediocre is a kind way to put it."