Philly scrap prices shrug off Midwest trend

Apr 06, 2012 | 03:03 PM | Sean Davidson

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

NEW YORK — Ferrous scrap prices in Philadelphia recorded smaller drops than Midwest markets as increased competition between steel mills and a robust export market kept a floor under April scrap tags.

No. 1 heavy melting steel scrap moved to $382 per gross ton this month, down just $6 from March levels, while No. 1 busheling and bundles shed $13 to settle at $457 per ton for April sales. Shredded steel scrap prices also bucked country-wide trends, dropping just $5 to trade at $435 per ton.

The $5- to $13-per-ton drops seen in Philadelphia scrap prices were less severe than the $10- to $20-per-ton declines recorded across other regional markets. In Chicago, shredded scrap fell $10 per ton this month, while prime grades declined $15 per ton (AMM, April 6); in Detroit, mill buyers had even more success, pushing prime tags down $20 per ton and obsolete grades down $10 per ton (AMM, April 4).....

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