Detroit scrap market said set to rise

Jul 31, 2012 | 04:32 PM | Sean Davidson

Tags  ferrous scrap, scrap prices, Sean Davidson

NEW YORK — Early indications suggest that the ferrous scrap market in Detroit is poised for a big price recovery in August, sources told AMM Tuesday.

Market participants on both sides of the trade said they expect prime and shredded scrap prices in Detroit to rebound by between $50 and $75 per gross ton when the market settles later this week.

"It won’t surprise me if consumers give back the whole $50 plus something," said a source, referring to the down-$50 market in July.....





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