Midwest scrap prices said about to settle

Dec 05, 2013 | 06:17 PM | Sean Davidson

Tags  scrap, Midwest scrap market, ferrous scrap, shredded scrap, cut grades, prime scrap, prices, Detroit Cleveland

NEW YORK — Midwest scrap markets are expected to settle Dec. 6 as steel mills and dealers indicated they were approaching agreeable price levels for pending volumes.

Of the sporadic trading reported across different Midwest regions, market participants said that cut grades continued to trade at increases of $20 per gross ton, with shredded scrap gaining between $25 and $35 per ton depending on the prior month price and delivery location.

Some sources said prices for prime grades could rise up to $10 per ton on late trades despite several trades reported at prices unchanged from November. Dealers attributed their push for gains in prime scrap to the larger-than-expected price increases recorded by shredded scrap.....

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