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(AMM) Demand for ferrous scrap strong, Schnitzer chief says

March 10, 2010 - 20:19 GMT Location: PHILADELPHIA

KEYWORDS: ferrous scrap , Schnitzer Steel Industries

Demand for ferrous scrap tumbled in late 2008 but has rebounded to strong levels, according to Tamara Lundgren, president and chief executive officer of Schnitzer Steel Industries Inc., the Portland, Ore.-based scrap exporter that ships from both the U.S. East and West coasts.

Fhat ferrous scrap export prices are in the high-$300s to low-$400s per tonne, Lundgren told the Reuters Mining and Steel Summit in New York. "When prices were in the mid-$300s, we were back to (strong) 2006 levels, and that was lower than where we are today. That reflects the strong demand which came back very quickly," she said.

In late 2008, when demand for U.S. steel scrap tumbled, "we couldn't sell anything," Lundgren said, but demand has returned to historically strong levels "and now they...

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