Midwest ferrous scrap prices hit 18-month high

Nov 11, 2013 | 05:36 PM | Sean Davidson

Tags  scrap, AMM Index, heavy melt, busheling, shred, Sean Davidson

NEW YORK — Ferrous scrap prices in the Midwest soared to their highest levels since May 2012 as supply concerns caused buyers to accept sellers’ terms this month.

Early speculation leading into November had set the stage for increases of between $20 and $30 per gross ton from the previous month’s prices.

However, late October and early November attempts by mill buyers to secure scrap at increases of $20 per ton were immediately turned away by suppliers, who insisted on much higher increases for all grades of scrap.....

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