Weaker shred market drags down scrap prices

Sep 10, 2013 | 04:22 PM | Sean Davidson

Tags  Midwest Ferrous Scrap Index, shredded scrap, busheling, No. 1 heavy melt, Sean Davidson

NEW ORLEANS — Midwest ferrous scrap prices were once again dragged down by a relatively weak market for shred as prices for September fell as much as 3 percent compared with August.

Market participants said prices for cut grades such as heavy melt and prime grades such as No. 1 busheling were forced to follow declines in shred prices to maintain differentials between the grades.

From trading almost at par with each other to establishing a $40-per-ton spread in just a few months, busheling and shred have recorded unique moves in the past few months.....

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