Chicago scrap trade may mirror Detroit: market

Jun 05, 2013 | 05:31 PM | Sean Davidson

Tags  steel scrap, ferrous scrap, busheling, prime scrap, shred, scrap, Midwest, Sean Davidson

NEW YORK — Steel mills in Chicago, northwestern Indiana and St. Louis have begun scrap negotiations for June, with early trends following those set by Detroit earlier this week (, June 4).

Midwest market participants outside Detroit said they expect markets to settle by June 6, as some large producers had yet to complete their buying programs as of late June 5.

Those Midwest mills that have already traded have for the most part accepted unchanged prices on prime grades such as No. 1 busheling, with shredded and obsolete scrap grade prices reported anywhere from flat to down $10 per gross ton from May. There were more reports of drops of around $10 per ton on cut grades and shred than reports of smaller drops.....

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