Detroit scrap market sets Midwest tempo

Jan 09, 2014 | 04:59 PM | Sean Davidson

Tags  ferrous scrap, busheling, shredded scrap, bundles, heavy melt, HMS, Sean Davidson

NEW YORK — Steel mills in the Detroit area were the first in the Midwest to complete their ferrous scrap purchasing programs for January despite the relatively late entry this week.

Mills in Chicago, Indiana and St. Louis reportedly also are nearing completion of their buying programs for January, with most expected to settle Jan. 10.

Market participants said strategic plays by a few large consumers who opted to wait longer than usual to place bids helped temper early rhetoric that had pegged large price increases for the overall market.

In the end, price increases were moderate as timid mill demand, zero support from export markets and abundant industrial scrap combined to take the wind out of weather-driven hopes for large hikes.....





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