Chicago ferrous scrap prices rebound in Nov.

Nov 07, 2012 | 05:31 PM | Sean Davidson

Tags  scrap, Midwest, ferrous scrap, sean davidson

NEW YORK — Uncertainty over ferrous scrap supply heading into the winter and strength in some steel sectors, including flat-rolled products, have combined to send November scrap prices in the Midwest soaring above earlier expectations.

Among the key Midwest areas of Chicago, Detroit and St. Louis, Detroit proved to be the strongest market this month after settling early at $55 per ton higher for most grades (, Nov. 5).

But suppliers also came out swinging in Chicago and St. Louis, with mills securing the bulk of their November melting needs on Tuesday and Wednesday at prices well above October’s levels.

"(Midwest) pricing is up $45 to $55 (per ton), depending on the starting point. Some dealers talk about sitting out the market at these levels, but we seem to have found ample willing sellers," one market source said, adding that "the ranges definitely seem to be wider this month."....

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