Chicago ferrous scrap prices dive, bottom eyed
Oct 08, 2012 | 05:20 PM
| Sean Davidson
NEW YORK Ferrous scrap prices in Chicago have dropped between $45 and $51 per gross ton for different grades as buyers took advantage of weak demand and strong prime scrap flows, as anticipated.
Scheduled outages at some mills and a push for more prime scrapsuch as No. 1 bundles and No. 1 bushelingin a market flush with the material but tight on shredded supply forced prices to move toward the higher end of a previously suggested $30 to $50 drop.
Mills in Chicago and the surrounding area might not have succeeded in sending prices down $60 to $65 per ton, as their counterparts in Detroit did last week (amm.com, Oct. 4), but buyers contacted by AMM said they were content with the $45- to $50-per-ton drop from prior month levels for most products.....
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