Steel Price Update – June 2013
While the US domestic scrap market appeared poised to weaken slightly in June, prices are now beginning to settle at prices that are sideways to slightly up in some regions. As other cities, including Chicago and those in the East Coast, began to negotiate, it became evident that demand for busheling is stronger this month than it has been recently, and prices for prime scrap grades could even settle slightly higher in comparison to May.
As predicted, while mills try and push scrap prices down, if they are unable to secure their requirements, it would force a backlash from dealers and prices would reverse course.
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