Detroit scrap prices decline $20/ton
May 01, 2013 | 06:10 PM
| Sean Davidson
NEW YORK Steel mills in Detroit were once again the first out of the gate this month with scrap price bids that met earlier speculation of a down market.
On May 1, sources said several steel mills in the Detroit area entered the market in the morning with bids at down $20 per ton from Aprils levels, with many expressing surprise at the early timing of this months negotiations.
Steel mills typically wait out the first few days of the month when market sentiment is negative in the hope that they can drive prices down further than the speculation, according to one broker who said he was surprised by the rapid developments in Detroit on May 1.
Numerous sources in the Detroit region said trading concluded at down $20 per ton across all ferrous scrap grades, with many reporting little resistance to the negative price movement.
Market participants had previously expected ferrous scrap prices in May to drop between $15 and $20 per gross ton in most regions from April levels (amm.com, April 25). ....
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