Futures market for ferrous scrap quiet

Jan 18, 2013 | 05:30 PM | Lisa Gordon

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

PITTSBURGH — The scrap futures market was markedly quiet this past week, mirroring the overall scrap market.

CME Group Inc.’s U.S. Midwest No. 1 busheling ferrous scrap futures held steady, with no trades recorded.
So far in January, 1,140 tons have been swapped on the futures exchange (amm.com, Jan. 11). February’s bids are at $380 per gross ton, putting the contract’s spread at $20 as offers stand at $400 per ton. The contract is settled based on AMM’s Midwest Ferrous Scrap Index for No. 1 busheling.....

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