Chicago ferrous scrap mart returns to Oct. levels

Dec 08, 2011 | 02:30 PM | Sean Davidson

Tags  ferrous scrap, scrap prices, no. 1 bundles, prime scrap, Sean Davidson

NEW YORK — December prices for all ferrous scrap grades in the Chicago market have returned to levels last seen in October, with the prime grades especially outperforming other regional markets, sources said.

While markets across the country have registered gains of $30 per gross ton on average for both cut and prime grades this month, nervous mills conceded to dealer demands in Chicago for $50-per-ton hikes on prime grades, returning tags to October levels, sources said.

"It was quite clear that we would return to October’s levels on both cut grades and prime grades after word spread on Friday that a major consumer had said it was essentially going to offer October’s numbers," one Chicago source said.....

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