Chicago scrap prices firm on late-week push

Oct 04, 2013 | 06:26 PM | Sean Davidson

Tags  ferrous scrap, heavy melt, shred, busheling, bundles, turnings, Sean Davidson

NEW YORK — Ferrous scrap prices for October finished on firm ground in Chicago after recording a slight bounce over September levels on some obsolete grades in late trading.

A late push for scrap by several producers encouraged dealers to raise prices a touch above the sideways numbers that many committed tons to earlier in the past week.

Market participants said one mill that entered the market much later in the week was still chasing tons late Oct. 4 while a few other mills reportedly were trying to secure more volumes ahead of the traditionally tighter winter months.

When the dust had settled, No. 1 heavy melt had traded between $340 and $350 per gross ton, sources said, with one mill reportedly paying up to $8 per ton above last month’s prices to secure its needs.....

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