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.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here