US West Coast ferrous scrap prices may fall $10/gross ton
Metal Recycling News | 2012-10-11 09:23:46
US West Coast ferrous scrap prices look poised to fall another $10 per gross ton as export sales and weaker domestic pricing forced at least one large exporter to reduce buying prices.
By Paul Ploumis
NEW YORK (Scrap Monster): US West Coast ferrous scrap prices look poised to fall another $10 per gross ton as export sales and weaker domestic pricing forced at least one large exporter to reduce buying prices.
This week’s price drop at one exporter’s facilities in California comes barely a week after those in Los Angeles and San Francisco lowered buying prices at the docks.
At the time, market participants said the move was a defensive one for a market anticipating lower export and domestic prices.
Since the early October price drop at export yards, domestic prices have fallen an average of $23 per ton, with sales of different grades, volumes and locations to various mills located along the West Coast and some adjoining states registering declines ranging from $20-35.
