Midwest scrap markets follow Detroit up $10/T

Apr 04, 2014 | 05:48 PM | Sean Davidson

Tags  scrap, ferrous, steel, Chicago, Detroit, Indiana, shred, heavy melt HMS

NEW YORK — Midwest ferrous scrap markets appear to have followed in Detroit’s footsteps to settle well below previously anticipated increases.

On the same day that steel mills in the Detroit area entered the market to secure all grades of scrap at increases of $10 per gross ton from March levels, mills in other regions like Chicago, Indiana and St. Louis followed suit, with market participants reporting two days of heavy trading on April 3 and 4.

After some early volumes were secured at increases of $15 per ton in markets like Chicago and Indiana, sources said that a majority of the volumes traded at increases of around $10 per ton, with prime scrap showing a little more strength.....

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