Ferrous scrap trading off to shaky start

Mar 05, 2014 | 05:26 PM | Sean Davidson

Tags  scrap, steel, ferrous, steel mills, Chicago, Detroit, Indiana, Pittsburgh Texas

NEW YORK — Ferrous scrap trading got off to a slow start March 5 after steel mills in several regions entered with bids that drew supplier interest on only some grades.

Heavy trading activity on grades such as busheling and shredded scrap was reported in Detroit, Pittsburgh, Philadelphia and the Ohio Valley, with isolated trades reported across other major scrap-consuming regions.

Detroit-area mills entered the market March 5 with bids that set prices $20-per-gross-ton below February levels on all scrap grades, market participants said. The lower bids found some willing suppliers for grades such as No. 1 busheling, sources said, but dealers are likely to push back on obsolete grades such as No. 1 heavy melt, which remains in very tight supply.

"Down $20 seems to be the offers. I have heard some mills are quietly doing $15 and $10," one Detroit-area source said, referring to the uncertainty surrounding final price movements on grades such as No. 1 heavy melt. Market participants did report, however, that some volumes of plate and structural scrap traded in the Detroit area at down $20 per ton from February.....

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