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Steel industry sees prices pacing consumption
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Imports and exports experience sea-borne freight rates nearly four times higher than normal.

A slowdown in the economy is not hurting demand for scrap steel.

High scrap steel prices are helping to boost the bottom line at scrap dealers, according to John Anton, an economist in Washington D.C. for the forecasting firm Global Insight, Inc. But he said higher prices are often neutral, because dealers also have to pay more for material. High prices mostly help steel suppliers who have a captive ore supply.

“It is certainly helping integrated mills. They are getting the benefits of high prices driven by scrap without having to pay high prices for ore,” Anton said.

High production by domestic mills, plus exports are driving high prices, Anton said. Mills were caught short on supply, he said. Mills in Turkey, for example, were hit when bad weather in Russia and the Ukraine prevented Turkish mills from buying scrap in Eastern Europe. Turkey instead turned to the United States to buy scrap supply.       ...read more

 

 

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