Ferrous Scrap Down for February
| 01 February 2009
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Ferrous Scrap Down for February - Scrap ferrous prices could be down as much as $30.00 per gross ton for February. Scrap dealers may have a difficult time finding consumers willing to buy what little scrap they may have. Some of the larger steel mills are buying half the amount of scrap ferrous than they usually purchase.
To add to the problem of lower demand and prices is several of the largest mills have their own scrap yards and are not looking to purchase scrap from the outside. This is hurting many of the scrap dealers as they cannot sell their scrap so they are having to stock pile. Not only is there a problem for dealers to sell their scrap, their buying tonnages are also off. This is because many of the manufacturers that supplies the scrap dealers are not producing near what they used to.
Some scrap dealers who rely on selling their tonnages overseas are also having difficulties. Not only is there little demand, but prices are also way down for February. With mills shutting down and little demand for the mills still operating the outlook for the scrap industry is dismal for 2009. Many dealers are looking for the light at the end of the tunnel; unfortunately no light has been seen thus far.
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