AMM Midwest Ferrous Scrap Index falls

Sep 10, 2012 | 03:28 PM | Sean Davidson

Tags  ferrous scrap, Midwest index, steel mills, scrap prices, busheling, bundles, heavy melt, Sean Davidson

CHICAGO — Plummeting demand in the Chicago area and an abundant supply of prime scrap in the Midwest produced a shocking blow to No. 1 busheling prices in the region, with tags falling more than 6 percent for September deliveries.

While prices for all ferrous scrap grades dropped more than 5 percent in the Midwest, obsolete grades and shredded scrap fared better as steady demand from mills operating electric furnaces offered some support.

The absence of one large integrated steel mill and significantly lower demand from at least two other mills in the Midwest meant prime scrap, which continues its healthy flow out of a strong auto sector, failed to receive similar support.....

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