CME scrap futures hit after sideways move

Jan 11, 2013 | 03:41 PM | Lisa Gordon

Tags  busheling, Midwest No. 1 Busheling Ferrous Scrap Futures contract, CME, scrap prices, Lisa Gordon

PITTSBURGH — An unusual turn in the domestic ferrous scrap market in January might have contributed to a dampening in recent settlement prices for the first U.S. ferrous scrap futures contract.

CME Group’s U.S. Midwest No. 1 busheling ferrous scrap futures contract for February had more than three dozen lots settle on Jan. 10 at $390 per gross ton, a $20 decline from previous expectations. The contract will be settled based on AMM’s Midwest Ferrous Scrap Index for No. 1 busheling in February.....

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