Ferrous scrap trending sideways, except shred
Aug 02, 2013 | 06:20 PM
| Sean Davidson
NEW YORK Ferrous scrap prices in Chicago appear to be heading sideways for most grades except shredded for August after at least two mills in the area reportedly concluded a majority of their buying programs in the latter part of this past week.
The sudden entry of one Chicago-area mill July 31 caught most buyers and sellers by surprise, as the general expectation was that Midwest markets would trade in earnest starting Aug. 5.
However, an early and aggressive push by the mill for immediate deliveries of obsolete scrap grades like No. 1 heavy melt, as well as plate and structural scrap, at prices that were unchanged from July forced other mill buyers to start locking up some tons, market participants said.
At least one other producer had completed a majority of its purchases by Aug. 2 at prices that were mostly unchanged from July for most grades, barring shredded scrap.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.