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RG restart keeps floor under Philly scrap prices

February 08, 2012 - 01:57 GMT Location: New York

KEYWORDS: ferrous scrap , RG Steel , Sparrows Point

Philadelphia’s ferrous scrap market received some support from the restart of RG Steel LLC’s blast furnace in Sparrows Point, Md., with February price drops reportedly less severe than those recorded in other regions.

Newly restarted Sparrows Point, for example, reportedly offered higher prices to account for freight and supplier confidence, while a third mill offered suppliers about $380 per ton for No. 1 heavy melt this week and said it was confident the price would work.

However, sources said the bulk of the heavy melt transactions for February were done at around the $390-per-ton level, down $20 from January. In comparison, heavy melt prices fell $30 per ton in most Midwest, Northeast and Southeast markets.

Shredded scrap in the Philadelphia area fell slightly more than heavy melt due to softer export numbers, sources said. Shredded steel scrap sales dropped by $25 per ton on average in Philadelphia to around $445 per ton, with sales and offers reported between $440 and $450.

After the first mill entered the market...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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Ferrous

May 24, 2012 14:50 DAILY SCRAP REPORT: Small Black Sea buyers sell off cargoes
May 24, 2012 00:29 Harsco renews three multiyear contracts in US
May 23, 2012 14:45 DAILY SCRAP REPORT: Index unchanged on lack of new offers
May 23, 2012 10:24 China halts scrap imports on weak domestic market
May 23, 2012 08:53 SE Asia scrap prices down $15-20 as buyers await market cues

Ferrous Scrap

May 24, 2012 14:50 DAILY SCRAP REPORT: Small Black Sea buyers sell off cargoes
May 24, 2012 00:29 Harsco renews three multiyear contracts in US
May 23, 2012 14:45 DAILY SCRAP REPORT: Index unchanged on lack of new offers
May 23, 2012 10:24 China halts scrap imports on weak domestic market
May 23, 2012 00:35 US recyclers facing bankruptcy filings

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