Mills achieve $20 fall in early May scrap trades

May 02, 2013 | 05:44 PM | Sean Davidson

Tags  scrap prices, ferrous scrap, steel scrap, Sean Davidson

NEW YORK — Midwest ferrous scrap trading kicked off in earnest May 2 in such key regions as Chicago and St. Louis, with prices closely following downward trends established a day earlier in nearby Detroit.

Market participants across Illinois, Indiana and Missouri said several dealers willingly accepted a price drop of $20 per ton across several grades, with shredded sales likely to shed even more ground when the dust has settled.

An earlier expectation by a few players that prime grades would not drop as much as obsoletes and shred due to a rumored supply tightness has not held true in early sales, according to several sources, with some noting that shred appears poised to drop more than primes only because of better shred supply, not lower prime supply.....

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