One reason for the potential discrepancy is that LME prices may be affected more by financial flows, while the scrap side is not influenced as much by speculative money, he suggested.

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There was also little damage from the supply side as a dip in scrap and the swing to net de-hedging outweighed a modest rise in mine production.

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On our side, we could agree to reform or scrap our protectionist dumping laws and a host of import quotas.

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