Chrysler’s auto bundles retreat $38 a ton for Oct.
Sep 29, 2006 | 06:08 PM
| Michael Marley
Prices paid for Chrysler Group's factory bundles have reversed course, falling an average of $38 a ton in sales made to several steel mills late last week, industry sources said.
A slide in these industrial steel scrap prices was expected following the $52-a-ton plunge earlier in the week in Ford Motor Co.'s sale of bundles from its Chicago-area stamping plant. That slide erased all of the $45-a-ton gain the Dearborn, Mich.,-based automaker had obtained a month earlier (AMM, Aug. 30). Chrysler, Auburn Hills, Mich., had achieved a more modest $10 gain in the prior go-round (AMM, Sept. 1).
The results of the two sales take the AMM Factory Bundles Index down to $246 a ton for October, a $40-a-ton decline from September. It also marks the second time in the past four months that a modest increase in these prices for one month was followed by a steep decline the next.....
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