Philadelphia scrap driven up by export demand
May 03, 2012 | 06:15 PM
| Sean Davidson
NEW YORK The Mid-Atlantic ferrous scrap markets have emerged as the strongest this month as prices in Philadelphia increased for significant obsolete and prime scrap grades.
Strong demand from export docks, relatively tighter supply compared with other regions of the country, and an aggressive buying drive from a recently restarted mill gave the market the impetus it needed to drive prices higher.
No. 1 heavy melt scrap prices jumped to $397 per gross ton, on average, with sources reporting heavy trades anywhere between $10 and $20 per ton higher than April, depending on where mills started early last month. Heavy melt sales were reported for varying volumes at between $390 and $405 per ton, but participants said significant volumes had traded in the higher ranges to bring a....
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