Mid-Atlantic ferrous scrap prices firm

Jul 25, 2012 | 04:48 PM | Sean Davidson

Tags  ferrous scrap, AMM Ferrous Scrap Export Index, HMS 1&2 (80:20), heavy melt scrap, shredded scrap, Sean Davidson

NEW YORK — The Mid-Atlantic ferrous scrap market is showing early signs of strengthening after several exporters raised prices at their docks and two domestic consumers this week made small buys.

One domestic consumer reportedly bought a small tonnage of No. 1 heavy melt scrap, while a second consumer reportedly took a small volume of No. 1 busheling, according to market participants.

The first consumer’s heavy melt scrap buy will come off its August requirement and was purchased at $335 per gross ton, sources told AMM. The price represents an increase of $18 per ton from July’s monthly consumer buying price of $317 per ton in the Philadelphia region.

Sources said the consumer had put out offers for plate and structural scrap that were about $5 to $10 higher than July’s settlement of $338 per ton; however, there were no confirmations on actual trades.....

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