Chicago scrap again falls on weak demand

Mar 07, 2014 | 05:57 PM | Sean Davidson

Tags  ferrous scrap, shredded, No. 1 melt, No. 1 busheling, Chicago, Sean Davidson

NEW YORK — Overall ferrous scrap demand in the Chicago region remained poor for the second straight month as two steel mills sought volumes significantly below their typical monthly averages.

The absence of heavy competition for grades such as No. 1 busheling and shredded scrap in Chicago meant that both grades dropped a full $20 per gross ton in March and continued to trade in almost identical price ranges, market participants said.

Trading for both No. 1 busheling and shred to Chicago-area mills was reported in range of $385 to $395 per ton, while AMM assessed both grades in Chicago at $388 per ton March 7.

Much like in February, several sources reported that several Chicago-area steel mills resorted to securing large volumes of industrial scrap on a price-to-be-determined basis, resulting in fewer spot market transactions for grades like No. 1 busheling.....

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