Weaker shred market drags down scrap prices
Sep 10, 2013 | 04:22 PM
| 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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