Scrap tags strengthen as trading presses on

Jun 06, 2013 | 06:19 PM | Sean Davidson

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

NEW YORK — Obsolete ferrous scrap prices strengthened in the second tranche of trading in key Midwest regions as an apparent demand spike encouraged scrap dealers to hold out for better pricing.

Market participants said prime grades mostly continued to trade at prices unchanged from May, with some uptick to the east of Chicago and Indiana, while obsolete grades that traded at down $10 per gross ton during the start of the week strengthened June 6 to trade sideways at May pricing.

Sources said final prices had yet to be fixed on several trades in Chicago and Indiana as of late June 6. As a result, the expectation is that most remaining markets—including the closely watched Chicago market—will settle June 7.

For a market that had earlier forecast a $10- to $20-a-ton slide in June pricing, this week’s trading has thrilled suppliers who are now suggesting that the market has bottomed.....

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