Prices offered for ferrous scrap at the docks have continued their freefall this week and are spawning more bearish sentiment in the domestic market as scrap buyers and suppliers head into the Labor Day weekend.
European ferrous scrap export prices are declining “rapidly,” with buyers holding all the power to dictate price levels, market sources said.
What started as a summer slowdown in hot band prices has turned into a full-blown slide, with global prices down anywhere from $30 to $71 per tonne in the past two weeks, according to the latest report from SteelBenchmarker.
Rio Tinto Alcan has reached a labor deal with trade unions in British Columbia that will enable it to modernize its Kitimat aluminum smelter, the company’s president and chief executive officer, Richard Evans, told AMM Wednesday.
Boeing Co. and its largest union are going down to the wire in negotiating a new labor agreement, and some suppliers are concerned about the possibility of a walkout lasting for more than a couple of weeks.
U.S. Steel Corp. plans to hike base prices on oil country tubular goods (OCTG) and seamless standard and line pipe by $200 per ton ($10 per hundredweight) in October.
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