Detroit sets tone for flat Midwest scrap market

May 02, 2012 | 05:29 PM | Sean Davidson

Tags  ferrous scrap, scrap prices, Midwest scrap market, Detroit scrap market, Sean Davidson

NEW YORK — Midwest ferrous scrap markets have indicated a predominantly sideways trend for this month after Detroit steelmakers settled at prices that were unchanged from April across all grades.

Market participants said an unchanged Detroit market could set the tone for consumers in Chicago and St. Louis, but some said consumers were attempting a slight downward push on prime grades in Chicago.

"Chicago looks like a sideways market at the moment. Most mills are in the market, which could settle late Wednesday or early Thursday," one large broker said.

However, a second broker said consumer offers from Chicago were sideways to off "a little bit" on prime grades.....





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