Scrap prices unsettled in Chicago, St. Louis

Feb 06, 2013 | 05:23 PM | Sean Davidson

Tags  ferrous scrap, scrap prices, shredded scrap, February scrap prices, Lisa Gordon, Sean Davidson

ISTANBUL — A late bounce in ferrous scrap prices in some pockets of the Midwest prevented key markets like Chicago and St. Louis from settling Feb. 6 as previously anticipated, even as trading in other markets like Detroit and parts of the Ohio Valley came to a close.

Early buying by mills in the Detroit region with little incentive to chase scrap pushed final prices down $20 per gross on all grades, except turnings, compared with January levels.

But outside of Detroit, February negotiations in the Midwest were still very much ongoing late in the day Feb. 6.

In Chicago, some mills had traded at prices that were down $10 per ton during the early hours of buying, but a subsequent push back from dealers brought some renewed strength, with later trades reportedly down just $5, market sources said.....

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