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SDI chief doesn’t envision rising scrap prices

Steel Dynamics Inc CEO Keith Busse doesn’t believe US scrap prices will be up in August, he told investors and analysts yesterday on a quarterly conference call monitored by Steel Business Briefing.

Due to a weak export picture and declining steel prices, he said “you’re not going to see any strength in August in ferrous resources.” However, Busse said he believed prices could begin to rise by early September. He added he’s not sure by how much, but doubted they could increase by $20-30/long ton, as some in the market have speculated.

Source: Steel Business Briefing

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