Chicago scrap mart settles with others in tow
Aug 05, 2013 | 06:39 PM
| Lisa Gordon, Sean Davidson
NEW YORK Midwest steel mills have concluded a majority of their scrap buying programs for August at prices that closely matched market speculation.
Market participants in and around Chicago, St. Louis and Detroit said obsolete grades had traded mostly sideways in their markets, with prices unchanged from July on some trades and down as much as $5 per gross ton from July in markets such as Detroit.
No. 1 busheling scrap traded across all three regions at prices unchanged from July, while shredded scrap dropped $10 per ton in Chicago and St. Louis and $15 per ton in Detroit.
As a bulk of the trades concluded Aug. 5, minor price adjustments by some buyers resulted in more nuanced moves in Chicago with AMMs assessment for No. 1 heavy melt, inching slightly lower to $351 per ton, down from $353 per ton in July. Sources said the minor move was prompted by a narrowing in the price range for No. 1 HMS this month. ....
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