Shredded surplus weighs down Midwest prices

Aug 12, 2013 | 05:46 PM | Sean Davidson

Tags  Midwest Ferrous Scrap Index, shredded scrap, busheling, heavy melt, plate and structural, Sean Davidson

NEW YORK — Midwest shredded scrap prices suffered another poor month as excess supply drove prices down further to make it the weakest grade in August.

Market participants in Illinois, Indiana, Michigan and Missouri said reported deals for shred were down between $10 and $20 per gross ton from July levels, with prices weakest in the Detroit area.

With the exception of Detroit, the overall Midwest region traded shred at $10 to $15 lower per ton on average, while prime scrap such as No. 1 busheling traded sideways. Weaker shred prices sent the differential between busheling and shred to historical levels of around $40 per ton, and some markets even sent it below the price of 5-foot plate and structural scrap, sources said.....

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