Cleveland primes trade higher as scrap settles

Jul 08, 2013 | 06:00 PM | Sean Davidson

Tags  scrap, ferrous, steel, Cleveland, St. Louis, Ohio, Pittsburgh, scrap prices Sean Davidson

NEW YORK — After setting domestic markets on fire with significantly higher bids for prime scrap before the month started, most steel mills in Ohio and western Pennsylvania completed their monthly buys July 8 at increases that matched the early, aggressive push by one steel producer.

According to market participants, mills in Cleveland concluded their No. 1 busheling buys for July at an increase of $45 per gross ton from June, with the most sought-after grade delivering the highest increase.

As a result, AMM’s assessment for No. 1 busheling in Cleveland settled July 8 at $430 per ton, up $45 from June. Meanwhile, most obsolete grades and shredded scrap settled up $25, with No. 1 heavy melt settling at $355 a ton and shred at $395 a ton. ....

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