Prime scrap prices jump as heavy hitters still sit tight

Dec 04, 2008 | 11:34 AM | Bryan Berry

Prime ferrous scrap grades have risen by $90 to $135 per gross ton in the Chicago market this month despite the absence of buys by the two big integrated players in the area.

No. 1 heavy melt is $180 per ton, double the $90-per-ton level seen in November; No. 1 bundles and shredded auto scrap have risen to $230 per ton, an 84-percent increase from $125; and No. 1 busheling is $260 per ton, more than double last month's $125-per-ton price.

ArcelorMittal USA Inc., Chicago, and U.S. Steel Corp., Pittsburgh, are buying little or no scrap in the area this month. ArcelorMittal's five mills in Chicago and northwest Indiana, which usually consume up to 20 percent of all the No. 1 heavy melt sold in the Chicago area, have bought no scrap since October and aren't likely to buy any until the end of January next year, Chicago-area scrap executives said.....

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