London—Scrap and rebar futures traded on the London Metal Exchange suffered heavy losses for the second consecutive week, basis further sharp falls in physical prices and concern related to the coronavirus pandemic. Front-end March LME scrap contracts fell $5/mt over the week to Thursday to $254.50/mt, while April contracts fell $21.50/ mt to $220/mt, deepening the near-term backwardation. However, May contracts saw a small uptick, up $2.50/mt over the week to $232.50/mt, while June contracts edged up $1/mt to $235.50/mt, forming a soft contango along the later-dated contracts.
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