December scrap settle seen down $10-20/gt

The scrap market in the US finally settled on Monday with one of the nation’s largest steelmakers issuing its price bids. The initial buys in various districts had prices for December shipment at down $10-20 per gross ton (gt), sources said.

However, some steel mills were waiting before formalizing prices. Demand for scrap at some of these locations was mild and it allowed the first buyers to drop prices by a full $20/gt across the board.

Ferrous Scrap

Stephen Miller

Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40-plus years, he has worked in all capacities in the trading business. He has had positions in both domestic and international scrap trading. In addition to scrap, Miller was at the forefront of the pig iron trade and established a pig iron distribution company under the name of Ferrosource, Inc. Most recently, Miller has concentrated on the scrap export market and regularly does consulting for several companies in the industry.

Stephen Miller

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