Highlights:
- After stable period, May and early June ferrous scrap market saw price drops in the $50-$65 per ton range.
- Uncertain economic conditions in Europe played a significant role in the price reduction and volatility
- Sims Metal Management’s representative, Blake Kelley, cited Greece, a Chinese slowdown, and excess steel production capacity as reasons for concern
From the article
After more than half a year of relatively smooth waters, rough waters returned to the ferrous scrap market in late May and early June in the form of price drops in the $50 - $65-per ton range.
U.S.-based steel mills buying on the spot market in late May and early June paid up to $65 less per ton for ferrous scrap compared to the month before, according to the monthly averages issued by the Raw Material Data Aggregation Service (RMDAS) of Pittsburgh-based Management Science Associates (MSA).
Average per-ton prices in the buying period fell below $400 per ton for all major ferrous grades in all three RMDAS regions.
