A prediction for the April ferrous market? It's too early to tell
Which direction is the market moving?
Which direction is the market moving?
Is the ferrous scrap market potentially signaling an industry recession?
In a surprising turn, a Rocky Mountain mill resumed its purchasing program at half its normal capacity, signaling potential stabilization in the Texas/Gulf region for the upcoming month.
Even though it’s the fifth of the month, there have been no confirmed purchases by domestic steelmakers. Rumors are circulating about how low prices will drop. Most of the scrap community is forecasting a $50/gt drop for #1 busheling, with shredded and P&S at perhaps $40/gt.
"Longs sales are at a standstill," said one producer.
For the West Coast export market, Tet/Chinese New Year ended on Monday and buyers were just coming back to the market.
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