Prices set to rally in August amid tight supply, rising demand

The prices for the July market weren’t settled until July 8 and now we are approaching the formation of the August market.

In July, most prices were reported as sideways despite mills in the Great Lakes region attempting to buy down. When this didn’t work, mills relented and bought sideways except for #1 Busheling. Dealers resisted sideways, claiming lack of material. They also witnessed failed attempts to buy at $20 less than June prices. So, many of them did receive a $20-per-gross-ton (gt) increase over June prices.

Stephen Miller

Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40-plus years, he has worked in all capacities in the trading business. He has had positions in both domestic and international scrap trading. In addition to scrap, Miller was at the forefront of the pig iron trade and established a pig iron distribution company under the name of Ferrosource, Inc. Most recently, Miller has concentrated on the scrap export market and regularly does consulting for several companies in the industry.