Prices are falling fast for next months ferrous market

[taterjuice]

I would like to know that myself

[volvoscrapper]

If you look at steel futures as one indicator, prices appear to have bottomed and may have slight uptick in December. China projected steel usage growth rate for next year was halved back in September to something like 2% growth, which for China is virtually no growth. But then demand from India is supposed to be headed upward. US scrap inventory was high, but some domestic yards saw incoming scrap drop 20% in September, due partly to the price drop but also seasonal. So supply will be down a bit, which helps us. So who knows.

Unless something changes, ferrous scrap prices could very well be more or less flat until September 2013. But then again, if I were better at reading economic indicators, I wouldn't be typing this right now.