Recycling Today MAY 2022 / by Brian Taylor / Read original article
Inflation has been a leading cause of concern for executives, investors, central banks and heads of household alike. In early May, the ferrous scrap market—considered by some a leading indicator—sent a counter-inflationary signal to the basic materials market.
After two months of sometimes sharp upward movement, buyers both in the domestic market and overseas showed an unwillingness to buy scrap at anything other than a lower price in early May.
The downward direction was predicted by several Recycling Today sources in mid- and late April, as they read the tea leaves regarding booming across-the-scale supplies combined with a pullback by overseas buyers.
As expected, domestic mills—who largely have healthy order books—saw it as an opportunity to offer lower bids to find sellers willing to ship material at rates around $75 per ton lower in early May compared with April.
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