Detroit scrap mart flat as other cities fight on
Dec 04, 2012 | 05:22 PM
| Sean Davidson
NEW YORK Steel mills in the Detroit region have concluded the bulk of December scrap trade at the same price levels recorded in November, a trend some say suggests other regions could also see flat pricing when their markets settle later this week.
The monthly scrap dance began Tuesday morning in Detroit after negotiations and small-volume trading in several pockets of the country pointing to a sideways domestic market. Though consumers in Detroit were noncommittal during the first half of the day, buyers entered after lunch with sideways numbers after sellers resisted any push down, a number of sources said.
"There was some posturing. Negotiations went a little bit back and forth, but larger dealers in the area said they werent selling anything if it wasnt flat. So buyers accepted sideways," said a source at one Detroit mill. ....
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