Philly scrap prices shrug off Midwest trend
Apr 06, 2012 | 03:03 PM
| 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).....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.