Midwest ferrous scrap trading set to launch
Jan 07, 2014 | 05:11 PM
| Sean Davidson
NEW YORK Ferrous scrap trading in the Midwest is poised to kick off Jan. 8 following unprecedented cold weather and holidays that kept people out of the market.
Obsolete scrap supply will suffer this month due to lower collections and processing, as well as logistical issues, market participants suggested. Meanwhile, the supply of prime scrap from industries is expected to fare better than the obsolete grades, resulting in differing price trends.
A majority of the Midwest sources contacted by AMM speculated that prices of shredded scrap and obsolete grades, such as heavy melt, will increase $20 to $25 per gross ton. Prime scrap, like No. 1 busheling, will likely record gains of $10 to $15 per ton, sources speculated.....
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