Ferrous tags rebound in some regions of US

Dec 03, 2008 | 12:02 PM | Michael Marley

Ferrous scrap prices have rebounded in some eastern and Midwest markets, rising by as much as $100 a long ton from the levels seen at the start of last month.

By mid-week, prices for shredded were reported at $245 to $250 a ton on a delivered-to-mill basis in Ohio and western Pennsylvania, while No. 1 heavy melt was between $190 and $200 a ton.

One northern Ohio broker was doubtful that the gains would be long-lasting. Those that are now buying scrap have low inventories and need to buy at least some tonnage this month, he said. "We got a little pop in the market this month, but we're already seeing material from Canada and from the South coming in and filling up the mills."....

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