Cleveland primes trade higher as scrap settles
Jul 08, 2013 | 06:00 PM
| 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, AMMs 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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