Midwest Ferrous Scrap Index springs upward
Mar 11, 2013 | 04:06 PM
| Sean Davidson
NEW YORK Steady demand from steel mills and some supply-side concerns heightened by a snowstorm sent ferrous scrap prices in the Midwest nearly 10 percent higher on obsolete grades in March.
Market participants said flows of obsolete cut grades, such as heavy melt and plate and structural scrap, took a severe hit in February due to price drops at mills and bad weather conditions.
As trading for March began in earnest last week, dealers initially refused to budge from expectations of large increases, with offers ranging between $40 and $50 per gross ton higher from Februarys levels for obsolete and prime grades, sources said. ....
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