Prime scrap market regains some ground

Apr 05, 2012 | 05:05 PM | Sean Davidson

Tags  ferrous scrap, shredded, heavy melt, prime scrap, busheling, bundles, Sean Davidson

NEW YORK — Ferrous scrap markets in Chicago have settled a bit stronger than initially expected for prime grades despite a sluggish start earlier in the week.

Although early indications suggested that prime scrap could be down as much as $20 per gross ton this month, some sales were booked Thursday morning down just $10 per ton as dealers continued to take their fight to the mills.

By Thursday afternoon, as reports of several transactions came in, sources said the bulk of the prime grade business in Chicago had been done at about $15 per ton lower than March levels, taking No. 1 busheling prices down to $448 per ton and No. 1 bundles to $440 per ton.....

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