Strength in iron markets.* The three-month downward trend in ferrous ferrous (fĕr`əs), iron in the +2 valence state. Containing or having to do with iron. The difference between ferrous and ferric is the number of valence electrons they contain (ferrous contains two and ferric contains three), which scrap pricing reversed sharply in July, as prices for all grades of ferrous scrap zoomed back up in the summer months. Observers seem to agree that global demand for scrap iron Noun 1. scrap iron - iron to be melted again and reworked atomic number 26, Fe, iron - a heavy ductile magnetic metallic element; is silver-white in pure form but readily rusts; used in construction and tools and armament; plays a role in the transport of oxygen by has remained strong even as the traditional summer downtime hit North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). , including the annual model-changeover hiatus in the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . As of August, "there is more scrap available than there was earlier this summer," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. one ferrous scrap recycler based in the Great Lakes region The Great Lakes region can refer to:
A spell of dry weather in the Great Lakes region has also helped auto dismantlers and their customers salvage more vehicles from rural areas. "They're getting the cars out now while it's dry and while they know scale prices are good," the recycler remarks. But the increase in scrap supply could also mean that the price spike will be short-lived. "Even if the consumer demand remains good, this increased supply should put a brake on pricing," he notes. Nonetheless, scrap recyclers and their consumers can take comfort in a historically good market, he says. "Even if the market goes back down by $50 or $60, this is still the kind of market that will bc talked about for the next 20 years or so." After reaching a peak of some $250 per ton this March, steel scrap prices eased back for the next few months. But that trend reversed sharply in July, according to figures calculated by American Metal Market. That publication's price trackers gauged a $50 per ton price increase in July, with prices averaging $215 for the month. Based on recent earnings reports, the steel industry has offset higher raw materials costs with surcharges "Demand is good for finished steel and for our scrap. It sure looks like the surcharges are more than covering their costs," says the recycler. |
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