Cleveland mills book shredded $10 below mart

Mar 21, 2012 | 05:46 PM | Sean Davidson

Tags  ferrous scrap, Cleveland, Sean Davidson

NEW YORK — Three Cleveland mills bought more than 30,000 gross tons of shredded steel scrap Wednesday morning at prices down $10 per ton from the beginning of March, AMM understands.

An upstate New York shredder who supplied all three mills—and is typically first out of the gate for monthly sales to mills—surprised the market with his lower price offers and unprecedented early entry into the market.

The shredder said he sold 32,000 tons of a 60,000-ton shredded scrap inventory to three different mills. One mill reportedly bought 20,000 tons, a second 7,000 tons and the third 5,000 tons at prices reportedly down $10 to around $435 per ton.....

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