Steelmakers come out swinging in scrap talks
Sep 06, 2012 | 05:20 PM
| Sean Davidson
NEW YORK The monthly ferrous scrap dance began in earnest Thursday as steel mills came in to fight for lower prices on all grades for September deliveries.
In some regions, including the mid-Atlantic, market participants reported mostly sideways trading on obsolete grades and a drop of $10 to $15 per gross ton on prime grades.
In the Midwest markets, however, the trend appears significantly weaker after trading in Detroit and early trading in St. Louis and Chicago painted a bleak picture for scrap tags.
In Detroit, a mill that made a low-volume buy on Wednesday at prices in line with those mentioned above was left smarting after two large mills entered the market early Thursday and sent all prices down a further $10 per ton. When the dust had settled in Detroit, most cut grades and shredded scrap traded at down $10 per gross ton this month, with prime grades shedding an additional $10 per ton to drop a full $20 per ton for September.....
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