Scrap prices on fast track as trading starts

Dec 04, 2013 | 04:35 PM |

Tags  ferrous scrap, prices, buyers, steel mills, shredded scrap, obsolerte scrap, heavy melt scrap, plate 7 structural scrap supply

NEW YORK — Ferrous scrap prices are poised to record larger-than-anticipated gains in December after some early trading in the Midwest and Ohio Valley concluded at levels well above prior sentiment.

Market participants said most mills in the two regions entered the market Dec. 4 with modest increases in their bids. However, dealer resistance to marginal increases and apparent concern about supply of shredded and obsolete scrap forced prices to climb rather quickly.

Contrary to trading patterns recorded over the course of the year, reported deals were concluded at varying price points and increases.

Of the limited transactions reported, grades like heavy melt, plate and structural, and shredded scrap appear to have recorded increases of $20 to $25 per gross ton. Several sources said some mills in the Ohio Valley secured shred at increases of up to $40 per ton.....

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