Scrap markets settle on cues from Detroit mills

Oct 03, 2013 | 05:44 PM | Sean Davidson

Tags  ferrous scrap, market trends, scrap prices, Sean Davidson

NEW YORK — Scrap dealers and steel mills in Chicago and Indiana continued to look for direction on prime scrap prices for October, but other markets were quick to follow trends established by Detroit in another busy day of trading.

A late push by most Detroit-area mills Oct. 2 to trade at prices that were mostly unchanged from September set the tone for other markets as mills in Canada and Texas followed suit a day later.

AMM’s price assessments for Detroit were mostly unchanged, barring No. 1 heavy melt and 5-foot plate and structural, which slipped $2 to $341 and $358 per gross ton, respectively, brought on mostly by a single mill that successfully lowered tags ever so slightly.....

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