Sept. scrap trading off to sluggish beginning

Sep 04, 2013 | 05:59 PM | Sean Davidson

Tags  steel scrap, ferrous scrap, Chicago market, Detroit market, Indiana market, Ohio Valley market, heavy melt, busheling shred

NEW YORK — Ferrous scrap trading got off to a slow start Sept. 4 as buyers in several regions tested waters with low bids that suppliers resisted.

Market participants in the Midwest, South and Mid-Atlantic said they expect the bulk of the trading to be completed Sept. 5, although the overall sentiment was a tad more negative than it was at the end of August.

Sources said that several Midwest buyers are attempting to take cut grades down $10 per gross ton this month, with a push to take shred and busheling down by as much as $15 from last month. This is in stark contrast to pre-trading speculation that pegged the Midwest market at down $10 per gross ton on shred and sideways on most other grades. ....

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