Scrap trade revs up, boosting sentiment
Mar 06, 2014 | 05:24 PM
| Sean Davidson
NEW YORK Ferrous scrap trading launched into full gear across the country March 6 as modestly improving sentiment brought more mill buyers into the market.
Heavy melt prices were the most contested in Midwest market negotiations, while dealers in the South fought to keep prime scrap prices from plummeting.
Detroit-area steel mills were once again the first to conclude a majority of their buying for March, with most grades moving about $20-per-gross-ton below February levels.
Some market participants suggested that late trades of shredded scrap in Detroit might end up trading a few dollars above the widely reported range of $385 to $390 per ton as shredders look to take advantage of reversing sentiment.....
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