Detroit pushes sideways, boosts scrap views
Oct 02, 2013 | 05:46 PM
| Sean Davidson
NEW YORK Ferrous scrap trading in the Midwest picked up momentum late afternoon Oct. 2 after steel mills in the Detroit region entered the market with bids unchanged from a month ago on all grades of scrap.
The late move quelled any doubts about where prime grades would finish in Detroit after the market had already ruled out any drops in the price of obsolete grades and shred. Speculation leading into Oct. 2 varied greatly for prime scrap such as No. 1 busheling, which some felt could have shed a few dollars.
However, the need to secure supply prevented mills from shaving any prices, said a source at a large Detroit-area dealer.
"Mills realized inventory levels are low across the board heading into shortened holiday months and winter. Mill order books seem to be holding firm going into the fourth quarter," he said. ....
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