Weak fundamentals undercut US scrap prices

摘要

An overhang of scrap supply in a US market experiencing waning steel demand, has caused pricingopinion to turn bearish since mills concluded their January buy week purchases beginning January 5.With the anticipation of higher prices in early-January, dealers brought more than expected supply to themarket. After some mills paid prices as much as $20-30/lt above December prices early in the month, millbuyers were inundated with dealer offers for material. Mills pulled back during the January buy week andeventually bought at lower levels, including some buys at sideways pricing compared to December.