Quotes to buy steel turnings are down by as much as $90 per gross ton in some areas, leaving sellers of the product shaking their heads in disbelief.
“There are limited consumers, so you take what you can get on turnings this round,” one Midwest broker source said.
The market is still developing in some areas even with the calendar turning to the second week of January. “The mills are pushing out this settlement as long as possible,” a southern seller said.
A producer with a network of mills that had been buying along the river at a $40-per-ton discount early in the day on Tuesday January 8 lowered its numbers further late in the day to down $50 and $ 60 per ton compared with...