New York (Platts)--10Nov2010/651 pm EST/2351 GMT

      
US ferrous scrap prices continued to firm into a narrow range Wednesday, 
sources said, leaving Platts price assessment for shredded scrap unchanged
at a midpoint of $367.50/lt delivered to Midwest mill.

     Scrap buyers, brokers and dealers from different regions reported similar
pricing for each different grade of scrap.

     A southeast scrap dealer sold shredded material domestically in a range
of $365-$370/lt delivered. Most tonnage went just across state lines with a
$15/lt freight. 

     Export shred, headed to Southeast Asia, fetched $377/mt FAS in containers
port of Savannah, Georgia, with a port charge of $8/mt, yielding $369/mt,
virtually even with domestic sale prices. The southeast scrap dealer said he
continued to receive inquiries for export tonnage from Asian buyers.

     An Ohio Valley scrap broker/dealer said shred also sold in his region at
$365-$370/lt delivered. He further confirmed pricing of about $345/lt for
heavy melting scrap No. 1; about $355-$360 for cut plate and structural scrap;
and $400-$410/lt for prime busheling. He described mill demand for scrap as
"good, not great," and said the November market was more supply-driven than
demand-driven.

     "Scrap to shredders is highly competitive. Volumes aren't good and scrap
is tight. [There are] too many shredders out there with big capacity," the
source said.

     His comments echoed the southeast dealer, who counted some seven
shredders among his local competition and reported shredder feed prices in
excess of $250/st. Other scrap sources have made similar comments recently
about the excess of shredder capacity relative to available feedstock in the
US.

     "We've experienced similar pricing to what you've indicated," one Midwest
scrap buyer said.

     Midwest demand, said the buyer, "has remained somewhat lackluster, and
[scrap] inventories are well-balanced at this point."

     A northeast scrap dealer active in demolitions expressed similar
sentiment, saying his inbound scrap flows remained adequate to meet demand. He
also reported similar pricing, with HMS No. I at $335-$345/lt delivered local
mill and plate/structural at $355-$365/lt delivered. Those are the two
principal grades of ferrous scrap generated by demolition activities.

		--Matthew Lerner, matthew_lerner@platts.com

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