Ferrous scrap tags near Oct. levels in 2 cities

Dec 05, 2011 | 04:52 PM | Sean Davidson

Tags  ferrous scrap, Sean Davidson, Lisa Gordon

NEW YORK — Ferrous scrap tags for December appear to be returning to earlier highs after market participants in Detroit and Cincinnati settled most domestic business for the month at back up near October levels.

Steel mills in Detroit were the first out of the gate to secure ferrous scrap volumes this month, pushing prices up $30 per gross ton across all grades, AMM understands (AMM, Dec. 5).

Buyers plowed through the market with intent as offers made in the morning were quickly accepted by dealers and sellers, sources said. By mid-afternoon Friday, a rapid tug-of-war for higher tags ended with a market content at finishing $30 per gross ton higher—back to October price levels with the exception of prime grades, which had dropped $50 per gross ton in November but clawed back only $30 per gross ton this month.....

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