Midwest Ferrous Scrap Index plummets in Oct.

Oct 10, 2012 | 04:09 PM | Sean Davidson

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

NEW YORK — AMM’s Midwest Ferrous Scrap Index has plunged further after mills sent October prices drastically lower, bringing the total decline since August to nearly 20 percent.

Planned outages at several mills in the region, anemic demand for some finished steel products, continuing strength in flows of prime scrap and a big drop in monthly export markets dealt scrap prices a near-perfect blow, resulting in a decline of more than $50 per gross ton for October deliveries compared with previous levels.

Furnace shutdowns at several mills are typical during the start of the fourth quarter, market participants said, although at least a couple are rumored to have gone offline due to weak order books.....

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