Chicago ferrous scrap prices dip $10/T
Sep 06, 2013 | 05:57 PM
| Sean Davidson
NEW YORK Ferrous scrap prices in Chicago shed about $10 per gross ton for September on most grades consumed by steel mills as prime grades eventually followed a weakening shredded scrap prices.
Mills in neighboring Indiana turned the heat on dealers this past week to attempt purchases that were down $15 per ton, but uncertainty surrounds how many tons actually traded at those prices, market participants said.
Buyers at Chicago-area mills spent little time on talks as most dealers were said willing sellers at discounts of $10 per ton.
"We knew going into the month that shred was going to drag the market down and a drop of $10 was only reasonable. So we didnt fight the buyers," one Chicago-area dealer said, echoing other views.....
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