Ferrous scrap trending sideways, except shred

Aug 02, 2013 | 06:20 PM | Sean Davidson

Tags  ferrous scrap, Chicago prices, Detroit market, Indiana market, St. Louis market, Youngstown market, heavy melt, shredded scrap busheling

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.....

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