Chicago scrap market among Feb.’s strongest

Feb 07, 2013 | 04:59 PM | Sean Davidson

Tags  ferrous scrap, Chicago, Midwest, Lisa Gordon, Sean Davidson

ISTANBUL — Chicago emerged as the strongest market for ferrous scrap in the Midwest this month, with mills leaving little to chance as they sought to fill their order books.

Mills in the Chicago region initially entered the market at down $10 per gross ton from January levels on all grades, but by the end of trading allowed dealers to regain a little ground, with most scrap grades ultimately settling down about $9 per ton.

Although at least one mill paid down $5 for some tons of No. 1 heavy melt, the overall market settled at $349 per ton in Chicago, down $9 from January.

Shredded scrap recorded a similar trend in Chicago, settling down $9 to $377 per ton, while most prime grades shed an extra dollar to settle down $10. As a result, Chicago No. 1 busheling settled at $380 per ton on Feb. 7.....

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