Chicago scrap prices sink on cloudy outlook

Feb 07, 2014 | 06:23 PM | Sean Davidson

Tags  scrap, ferrous scrap, steel, HMS, heavy melt, busheling, shred, Sean Davidson

NEW YORK — Uncertainty on a reasonable floor price for prime scrap in Chicago has resulted in large tonnages being secured on a price-to-be-determined basis as steel mills seek more time to settle final prices.

Market participants said several mill buyers secured large volumes from dealers on formula pricing and appeared content to let small volumes of spot trading determine pricing for the majority of their No. 1 busheling and No. 1 bundles requirements this month.

AMM was unable to reach a final assessment on prices for the two prime scrap grades, resulting in appraised values of $408 per gross ton for No. 1 busheling and $401 per ton for No. 1 bundles based on the thin volume of prime scrap transacted in the Chicago spot market. Both prices are down an appraised value of $32 per ton from January based on early sales of prime scrap. ....

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