Strengthening Midwest scrap mart stokes buys

Jun 07, 2013 | 06:28 PM | Sean Davidson

Tags  steel scrap, ferrous scrap, prime scrap, shredded scrap, Midwest market, pricinng, Sean Davidson

NEW YORK — A late strengthening in obsolete scrap prices triggered by a rush to secure heavy melt and plate and structural scrap has worked to the advantage of steel mills that started their buying programs earlier this past week.

Market participants said a majority of the tons in Chicago traded earlier and at lower prices than at mills in Indiana, which were forced to chase obsolete scrap with more aggressive pricing.

As a result, obsolete grades in Chicago settled between $6 and $8 per gross ton lower this month vs. May, while mills in Indiana have averaged anywhere between sideways pricing to down $5 on their total buys for June, depending on grade and last month’s price level.

Prime scrap, meanwhile, traded sideways in both regions compared with May, sources said, leaving AMM’s No. 1 busheling price in Chicago unchanged at $380 per ton.....

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