Scrap tags strengthen as trading presses on
Jun 06, 2013 | 06:19 PM
| 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 marketsincluding the closely watched Chicago marketwill settle June 7.
For a market that had earlier forecast a $10- to $20-a-ton slide in June pricing, this weeks trading has thrilled suppliers who are now suggesting that the market has bottomed.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.