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Scrap-Steel Prices Expected to Rebound, INTL FCStone Says

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Oct. 26 (Bloomberg) -- Scrap-steel prices in the U.S., down 26 percent this year, may rebound next month, according to Spencer Johnson, a risk manager at INTL FCStone Inc.

“Mills are already raising prices for finished steel, and part of the reason may be that they’re expecting higher costs” for scrap metal used to make steel, Johnson said in a telephone interview today from New York.

Producers are likely to be partially successful in their bid to charge more for finished steel, and may try again to push for the higher price next month, he said.

The average price of shredded steel scrap fell 3.7 percent in September to $392.50 a long ton, according to Steel Business Briefing data. Last year, recycled metal surged 12 percent, after a 40 percent increase in 2010.

To contact the reporter on this story: Joe Richter in New York at jrichter1@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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