Chicago, Detroit scrap markets settle up for July
Jul 03, 2013 | 06:29 PM
| Sean Davidson
NEW YORK Early trading by a few Midwest steel mills eager to secure inventory helped lift July ferrous scrap prices in Chicago and Detroit, with prime scrap gaining more ground than obsolete (cut) grades for the second consecutive month.
While a few mills in Chicago started negotiations July 1, most mills in the Detroit region completed a majority of their buying by July 2 to make it the first city to settle, market participants told AMM.
One of the largest mills in the area set the pace for scrap prices in Detroit, entering the market with increases of $40 per gross ton for prime scrap and up $25 for shredded and $30 for plate and structural scrap compared with June levels.
Others were forced to follow the increases, with most buyers and sellers reporting that the Detroit market pretty much settled at those higher levels.
Scrap prices in Chicago didnt quite mirror Detroits movement, with the prime grades rising $30 per ton vs. June while increases for the obsolete grades ranged from $18 to $20 per ton, according to several sources.....
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