Chicago ferrous scrap prices dip $10/T

Sep 06, 2013 | 05:57 PM | Sean Davidson

Tags  steel scrap, ferrous scrap, scrap prices, Chicago market, St. Louis market, Cleveland market, heavy melt, shredded scrap plate and structural scrap

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 didn’t fight the buyers," one Chicago-area dealer said, echoing other views.....

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