Chicago scrap market follows Detroit cues

Nov 07, 2013 | 06:59 PM | Sean Davidson

Tags  ferrous scrap, scrap prices, heavy melt, shredded scrap, plate and structural scrap, Chicago market, Sean Davidson

NEW YORK — A late push to secure obsolete and shredded scrap in Chicago caused prices for those grades to make stronger gains than prime scrap in November.

Chicago-area steel mills that stepped in earlier this week to lock in their volumes for the month accepted dealer demands for increases of $30 per gross ton on most grades of scrap, market participants said.

The few that waited paid increases of between $30 and $40 per ton, with prices for No. 1 heavy melt, five-foot plate and structural scrap, and shredded scrap getting dearer as the week progressed. However, for the overall Chicago market, the late tons that traded at higher prices were a small percentage of the total tons traded in that market.....

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