Midwest Ferrous Scrap Index regains ground

Nov 12, 2012 | 04:19 PM | Sean Davidson

Tags  ferrous scrap, MidWest index, steel mills, scrap prices, busheling, heavy melt, shreed scrap, Sean Davidson

PHILADELPHIA — AMM’s Midwest Ferrous Scrap Index roared back this month near September levels as the domestic market followed stronger export cues and supply-side concerns helped erase almost all of October’s weakness.

Resurgent demand from some pockets in the Chicago region and a nearly 20-percent increase in monthly requirements by some producers offered more upside support to scrap prices in November as tags jumped more than $50 per gross ton.

Meanwhile, a modest drop in flows of prime scrap from manufacturing plants that took scheduled outages over the past few weeks helped No. 1 busheling tags break away a little more from prices of shredded scrap. As a result, AMM’s Midwest Ferrous Scrap Index for No. 1 busheling settled Monday at $389.74 per gross ton, up $53.82 per ton or about 16 percent above $335.92 per ton in October. Meanwhile, AMM’s Midwest Ferrous Scrap Index for shredded scrap settled Monday at $386.11 per ton, up $51.35 or about 15.3 percent above $334.76 per ton in October.....

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