Bundles index tumbles as Chrysler values dive

Nov 02, 2006 | 01:53 PM | Michael Marley

Prices paid for factory bundles from Chrysler Group's stamping plants are down by about $35 a long ton in those regions where the bundles have been bought this month, industry sources said.

Ford Motor Co., Dearborn, Mich., auctioned bundles from its Chicago-area plant earlier this week and reportedly obtained around $231 a ton, down just $15 from a month earlier (AMM, Nov. 2), but industry sources said the automaker has since told bidders that it is unlikely to have any scrap for them. Ford sells the first 10,000 tons of bundles generated at the plant each month to a steel mill on contract, while any excess tonnage is shipped to the highest bidders in its auction at the end of the prior month.....

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