Midwest ferrous scrap prices slump in March
Mar 10, 2014 | 05:07 PM
| Sean Davidson
NEW YORK March ferrous scrap trading across the Midwest stayed true to last months anticipation that prime scrap prices would fall further than obsolete grade prices.
However, dealer resistance born from anemic obsolete scrap flows into yards meant that final price movements were not as weak as prior speculation that prime scrap would drop as much as $30 per gross ton and obsolete grades at least $20 per ton.
Steel mill buyers who attempted to gauge dealer interest at the start of March found no takers for decreases of $30 per ton from February price levels for prime scrap like No. 1 busheling, but resistance withered on suggestions of down $20 per ton.....
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