OmniSource sits tight; bundle prices in limbo

Oct 31, 2006 | 11:32 AM | Michael Marley

OmniSource Corp. reportedly took offers Monday for November bundles from Chrysler Group's stamping plants, along with some prime General Motors Corp. scrap, but did not sell any of the material.

Several industry sources said they believe the Fort Wayne, Ind.,-based scrap processor was waiting to hear the results of Ford Motor Co.'s monthly auction scheduled for late Tuesday. Neither OmniSource nor Ford could be reached for comment. Both typically refuse to disclose the results of the monthly steel scrap sales.

Industry sources said they expect the factory bundle prices to be lower again this month by anywhere from $10 to $30 a long ton.....

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