Detroit market plunges on strong scrap supply
Feb 05, 2014 | 05:39 PM
| Sean Davidson
NEW YORK Detroit-area steel mills have quashed early dealer resistance and pushed ferrous scrap prices down significantly.
Armed with better-than-expected inventories and an oversupply of prime and shredded scrap, mill buyers entered the market Feb. 5 with bids for all grades of scrapincluding obsolete gradesat down $30 per gross ton from January levels.
Speculation leading up to this months trading had suggested more strength for obsolete grades, such as heavy melt and plate and structural scrap. However, by late Feb. 5 market participants reported that transactions on those grades had followed prime and shredded scrap prices down $30, with some deals reported at declines of $27 to $32 per ton.....
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