Chicago scrap prices sink despite pushback
Jul 10, 2012 | 05:42 PM
| Sean Davidson
NEW YORK Ferrous scrap prices in Chicago dropped more than $40 per gross ton across several grades on Tuesday as steel mills finally completed the bulk of their July purchases in a slow-to-settle marketplace.
"They say the markets normally crazy, but this is what Id call crazy," said a buyer for a large mill. "Were into the second week of the month and have finally been able to complete trading."
As expected, several mills in the Chicago region picked up significantly lower volumes this month, with demand dropping anywhere from 20 to 60 percent vs. June levels for individual mills amid planned summer outages.
Weak demand for raw materials was enough to initially send all grades spiraling down $50 per ton in early trading late last week, but strong resistance from certain suppliers helped the market regain a little lost ground in the final days of July negotiations.....
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