Midwest Ferrous Scrap Index falls back in April

Apr 10, 2013 | 04:09 PM | Sean Davidson

Tags  AMM ferrous scrap Index, busheling, shredded, No. 1 heavy melt, steel, scrap, sean davidson

ORLANDO, Fla. — Midwest ferrous scrap prices shed at least $20 per gross ton across all grades in April as mill buyers fought off dealer resistance amid lower overall demand, improving scrap flows and an apprehensive outlook, pushing down AMM’s Midwest Ferrous Scrap Index by about 5 percent, depending on the grade.

Market participants in Detroit were the first to agree to a down-$20 price move for April, setting the tone for St. Louis, Chicago and northwest Indiana, which followed shortly after (amm.com, April 4).

While suppliers in the St. Louis region agreed to a firm $20-per-ton reduction, trades in Chicago and northwest Indiana were reported anywhere between down $20 and down $22 in early trading and as much as down $25 in wrap-up deals towards the end of the trading window, although sources said a majority of the volume traded closer to the down-$20 level set in other Midwest cities.....

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