"A lot of people are taking the view that they
don’t need scrap, so they set the prices lower and
if they don’t get it, they don’t get
it," one ingot producer said. Producers have stocked enough
scrap metal to cover their contract sales, so a lack of spot
ingot buying has translated into a lack of nearby scrap demand.
"No [smelter] is running at 100%. If it comes at the right
price they will...