The strike involving 13,000 United Auto Workers (UAW) members at Big Three factories in Michigan, Ohio and Missouri, and the risk of the walkouts expanding to other plants, pose a great risk for both steel and scrap companies, market participants inform Kallanish.
If the strike lasts for 10 days, it is estimated to cause serious damage to US steel market as well as more than $5 billion in losses to the US economy.
Busheling scrap prices settled $50/gt lower…
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