Final Thoughts: Summer supply crunch has ferrous sentiment faltering as non-ferrous copper soars
Market dynamics unleash fury: Ferrous fades as non-ferrous copper roars.
Market dynamics unleash fury: Ferrous fades as non-ferrous copper roars.
After a considerable wait, the market for ferrous scrap for May shipment has started to form.
Scrap import activity slowed last week as Turkish mills have completed their recent restocking activity
Overselling and underdelivering?
Steel scrap prices under pressure
It is clear that steel mill order books are not what they were hoping for in May, and they probably are not going to strengthen in June.
The Chicago-headquartered company said net income reached $247 million in the quarter ended March 31, up from $30 million in the previous quarter.
The consensus for ferrous scrap is sideways, maybe not a strong sideways this month.
On the ferrous side, about two-thirds of the respondents indicated ferrous scrap prices would remain stable, while one-quarter thought they would rise in May.
The wild cards in some price negotiations are Bangladesh and India.