Detroit leads off Nov. scrap trading

Nov 06, 2013 | 12:59 PM | Sean Davidson

Tags  scrap, heavy melt, shredded srap, prime scrap, busheling, HMS, Chicago scrap market, Detroit scrap market Midwest scrap

NEW YORK — Ferrous scrap prices have traded at least $25 per gross ton higher in markets like Detroit and Chicago after several steel mills finally offered firm prices Nov. 5.

Across all scrap grades, prices jumped between $25 and $35 per ton, depending on last month’s price, scrap type and delivery location, market participants said.

Over the past few days, mills in several regions locked in volumes on to-be-determined prices, ensuring that their needs were met while waiting for additional cues on final pricing, market participants said.

Mills in the Detroit region were again the first in the Midwest to officially enter the market this month at bids of $30 per ton above October levels. Sources said only one mill in the region is believed to have conducted business below those levels.....

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