Prime scrap prices outperform shred
Jul 10, 2013 | 04:58 PM
| Sean Davidson
NEW YORK The price differential between No. 1 busheling and shred in the Midwest nearly doubled this month following an aggressive push by steel mills in the region for prime scrap coupled with a more-than-sufficient supply of shred.
For the second consecutive month prices for No. 1 busheling gained significantly more ground than shred, returning the price differential to historic levels of nearly $30 per gross ton.
Mills in the Detroit region once again this month were the first to conclude trading at increases of $40 per ton for prime grades and between $20 and $30 higher for most cut grades and shred. This set the pace for other Midwest markets, as mills in the Chicago, St. Louis and Indiana regions opened the door to price negotiations while tying up volumes on a price-to-be-determined basis.....
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