Chicago mostly flat, busheling off $3 a ton

May 03, 2012 | 06:13 PM | Sean Davidson

Tags  ferrous scrap prices, busheling, heavy melt, shredded scrap, Chicago market, Sean Davidson

NEW YORK — The Chicago ferrous scrap market has settled mostly sideways this month across most grades, with busheling scrap recording slight price weakness.

A narrow spread between prices of shredded steel scrap and the prime grade of No. 1 busheling scrap encouraged several mills to increase their purchases of busheling scrap and lower their shredded intake, market participants said.

"Electric (furnace) mills are buying more busheling this month than shred, which should have pushed down the price of shred. But some people took the easy way out and just settled for a sideways market without trying too hard to negotiate better shred prices," one source said.....

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