Bloomberg: Scrap-Steel Buyers Cancel Purchases as Prices Tumble
Bloomberg recently reported on a trend currently affecting scrap steel that has a direct affect on the price of baling wire. Read on…
Scrap iron and steel prices in Japan slumped 25 percent to 10,518 yen ($106) a ton from a week earlier, the Japan Ferrous Raw Materials Association said today. The price has fallen 77 percent since the start of October. Prices in Korea dropped 27 percent in August from July, Citigroup Inc. said Oct. 7.
Surplus ferrous scrap is sitting in yards, ports and on ships, said Kataman Metals’ Allman. Profit margins have dropped to at most $20 a ton, from as much as $200 a ton previously, he said.
This trend is no doubt a direct result of the current economic crisis facing the world. More at the link:
http://www.bloomberg.com/apps/news?pid=20601080&sid=aSeOH7N3ezDc&refer=asia
Discussion Area - Leave a Comment
You must be logged in to post a comment.