The ferrous scrap market in the United States enjoyed a second month of recovery in November, with participants convinced that more upside is on the horizon for the coming months.
"December will be up and January will be up again. This is a four-month upward swing. The question is how much. A $5-[per-gross]-ton increase wouldn't mean or do much and $30 [per] ton is too much for one month," one broker said, anticipating the market will register a $20-per-ton increase in December and again in January.A Midwest shredder source believes the upward momentum will last longer and will continue through March, he said.The market began to rebound in October after suffering back-to-back losses in August and September. The increase came as no surprise since buyers and sellers expected November to bring improved selling prices.Dealers cited a host...