Busheling drops below shred in St. Louis trade

May 04, 2012 | 05:19 PM | Sean Davidson

Tags  ferrous scrap, busheling, shred, St. Louis, Sean Davidson

NEW YORK — Aggressive pricing by St. Louis steel mills fueled by a surplus of No. 1 busheling has finally pushed the prime grade’s price below that of shredded steel scrap, which traded sideways this month.

"It looks like St. Louis will become the first market to pay more for shred than busheling," a source told AMM Friday.

"Shred sold higher than busheling," a second source confirmed. "Busheling ended up anywhere between $5 to $10 down depending on where you traded last month."

According to sources in the St. Louis market, the aggressive pricing for No. 1 busheling began early this past week, when consumers came out seeking a large $10-a-ton cut as dealers fought for a sideways market.....

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