Ferrous scrap market plummets in Detroit
Oct 04, 2012 | 05:50 PM
| Sean Davidson
NEW YORK Steel mills in Detroit hit the ground running Thursday and within a few hours of trading sent ferrous scrap prices down between $60 and $65 per gross ton for October deliveries.
Shredded scrap was the worst hit in the Detroit region as mill buyers pushed prices down $65 per ton from previous levels, compared with $60 declines for other obsolete and prime grades.
Although demand in the greater Midwest region is expected to be generally weak this month, market participants said demand from those mills without planned outages remained largely steady, with a slight uptick in scrap demand reported at at least one mill.
"Though Detroits settled prices on obsoletes are weaker than the numbers weve heard from surrounding Midwest markets, I think buyers could have aimed lower but didnt because they are concerned about hurting flows. I think many have realized they pushed prices down too much too fast," one source said, noting that some mills may even have seen it as a buying opportunity ahead of traditionally stronger winter pricing.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.