Scrap sentiment flips, obsolete prices seen flat

Oct 01, 2013 | 05:47 PM | Sean Davidson

Tags  ferrous scrap, Midwest market, Chicago market, shredded scrap, heavy melt, prime scrap, Sean Davidson

NEW YORK — Uncertainty over scrap supply and a push by producers toward higher steel prices have reversed sentiment in the Midwest, with market participants now speculating that October scrap prices will likely stay unchanged for obsolete grades.

Sources said they expect Chicago to be the strongest Midwest market, with most speculating that prices will trend sideways on most grades except shredded scrap and the prime grades, which could slip a few dollars.

Several suppliers said mills didn’t cancel orders at the end of September, which the market reads as an indication that mill buyers either have stronger demand or that prices are at or near bottom.....

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