Midwest Ferrous Scrap Index surges
Aug 10, 2012 | 02:53 PM
| Sean Davidson
SAN DIEGO AMMs Midwest Ferrous Scrap Index spiked some 25 percent in August after a 12-percent slide in July as mills rushed to secure inventory.
Greater-than-anticipated demand coupled with fears of crippling flows into scrapyards sparked an early race for tons this month, which sent prices soaring. Within the first three days of August, Midwest steel mills had secured most of their requirements, with some mills returning to peak demand levels after pulling back earlier this year.
The renewed interest sent AMMs Midwest Ferrous Scrap Index soaring, with some scrap prices regaining around $80 per ton in August after dropping around $100 per ton over the course of the previous two months.....
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