Prices for ferrous scrap in Mexico declined sharply during the week ended Friday September 10, particularly for obsolete grades, with information circulating about steelmakers applying price cuts - and at least one buyer announcing two reductions in the same week.
There was still resistance from sellers in accepting price cuts on prime grades. Some reported decreases of 200 pesos ($10) per tonne, but this was not widely confirmed in the market.Prices have fallen faster in scrap-generating centers such as Monterrey and Bajio, with steelmakers in farther regions following the movements with some delay.As a result, Fastmarkets' price assessments for Mexican...