Mexican ferrous steel scrap prices inched down in the week ended Friday September 3, and market participants believe new price reductions are unavoidable.
Some scrap buyers were implementing price cuts of 250 pesos ($12) per tonne last week for obsolete grades for some sellers, while others did not see any changes.But most sellers also believed that further price decreases were a certainty, including those for prime scrap grades, which are scarcer due to reduced automotive production."New price cuts are imminent," a source said.There were reports of fresh price reductions on Monday, of 250 pesos per tonne, while price cuts of 250-300 pesos per tonne were...