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Gray Market Collapse Predicted in Steel Trade
New York March 11 The Iron Age reports the gray market in steel is nearing collapse with one more heavy punch likely to end it High premium prices from a few weeks ago now see few takers despite steady overall steel demand Causes include weak consumer demand fabricator conversion to finished goods and production planning against standard mill shipments Conversion deals are drying up with automotive buyers breaking conversion plans and withholding converted material from the market Steel fabricators back gray market deals as spot business is postponed The Iron Age places steel operations this week at 96 percent of capacity and notes a 1948 low in the scrap price at 39 75 per gross ton
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New York
Iron Age
Metalworking Trade Weekly