Ferrous scrap tags gain strength in two cities

Dec 07, 2011 | 04:38 PM | Lisa Gordon

Tags  scrap, ferrous scrap, scrap prices, Lisa Gordon

PITTSBURGH — Scrap prices in the Cleveland and Pittsburgh markets have settled higher for December as mills and scrap providers conclude their monthly programs.

"Prices are basically back to where they were in October," said one Cleveland broker, whose sentiments were echoed by numerous other sources. The higher prices are the culmination of mills getting more orders than expected and having low scrap inventories.

In Cleveland, No. 1 busheling climbed $35 to hit $510 per gross ton for December as mills scrambled to obtain enough material to meet melting schedules.

Some mill buyers who bought in the past week or have local sources for prime material were able to lock in at a lower number. "Those deals are gone. Those who bought last Wednesday paid less than those who bought on Friday, and those who bought on Friday paid less than those who bought Monday," a Cleveland broker said.....

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