Midwest Index defies norm, logs softer Feb.
Feb 11, 2013 | 03:17 PM
| Sean Davidson
Tags
scrap,
index,
ferrous scrap,
steel,
Midwest,
Sean Davidson
MUMBAI, India — Ferrous scrap trade in the Midwest continued to defy historical trends as February prices slipped around 3 percent from January levels to wrap up a winter season that has denied any price gains since November 2012.
Scrap prices typically record some strengthening during the winter months as supply thins, but that hasn’t been the case this winter. After trading mostly sideways in December and January, steel mills took advantage of weaker export markets, overall milder winter weather conditions and shorter buying programs to send prices down anywhere between $9 and $15 per ton in February, depending on scrap grades and specific Midwest locations.....
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