Prime, shred price gap seen shrinking further
Dec 24, 2013 | 12:34 PM
| Lisa Gordon
PITTSBURGH The shrinking spread between prime and obsolete grades of scrap is expected to continue due to a tightness in supply of shredded and cut grades of metal scrap.
"Obsolete scrap remains tight and the short supply will lead to better prices. With prime scrap now very close in price to shred in Detroit, the demand for busheling will increase," one Detroit market source said.
The Detroit and Chicago spreads between No. 1 busheling and shredded auto scrap stood at $45 per gross ton Dec. 1. It now stands at $14, marking a $31-per-ton narrowing over the course of the month.....
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