Shredded scrap prices likely to dip in Sept.

Aug 27, 2013 | 05:34 PM | Sean Davidson

Tags  ferrous scrap, steel scrap, shred, busheling, prime scrap, Chicago market, Detroit market, Sean Davidson

NEW YORK — Shredded scrap prices in the Midwest appear to be precariously poised for September trade as early speculation points to a modest softening.

Early trades of shredded scrap in the Detroit region at about $10 per gross ton lower than levels fixed for August tied in with market speculation that shred prices could trend as much as $10 lower depending on the Midwest location, with Detroit expected to be the weakest.

The consensus view from nearly 75 percent of sources polled informally by AMM suggests that cut grades could falter a little—although not by the same amount as shred—while prime grades are expected to trend between sideways and down a little. Most sources speculated that steel mill demand will be similar to August, if not a tad better, in most Midwest markets, barring a possible drop in the Detroit area. ....

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