Midwest Scrap Index falls 5 percent in May

May 10, 2013 | 04:45 PM | Sean Davidson

Tags  AMM Midwest Ferrous Scrap Index, Midwest ferrous scrap prices, May, No.1 bushling, shreded scrap, No. 1 heavy melt, scrap price benchmark, Sean Davidson

NEW YORK — Midwest ferrous scrap prices dropped about 5 percent in May as sellers had little room to prop up prices on cues of weak domestic and export demand.

The monthly scrap dance began early this month, with steel mill buyers in the Detroit region stepping into the market on the first day of May and settling prices at mostly down $20 per gross ton across all grades (amm.com, May 1).

Detroit’s unexpected move in what had already been dubbed a down market set the tone for nearby St. Louis and Chicago to begin negotiations. By May 3, a majority of the tons in the Midwest scrap market had traded at close to down $20 numbers, with only some smaller tonnage deals left to be wrapped up.....

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