Ferrous scrap market slips sideways into '13
Jan 04, 2013 | 04:57 PM
| Lisa Gordon
PITTSBURGH Ferrous scrap buying in the Midwest began in earnest Friday as several steel mills in the region entered the market at prices mostly sideways from December.
Market participants said mill buyers in Chicago, northwest Indiana and those buying from the St. Louis region started negotiations early Friday. A number of mills reportedly have secured significant tonnages of obsolete and prime scrap at sideways prices from the previous month. The markets, however, are expected to settle Monday, as prices were yet to be finalized on several trades Friday afternoon.
In the Mid-Atlantic, mills in the Philadelphia region concluded a majority of their purchases Friday, sending obsolete prices $10 per gross ton higher for January over a month ago. Sources said an improvement in export market sentiment fueled the increase, surprisingly making Philadelphia the first city to settle this month.....
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