Midwest scrap players awaiting market cues

May 01, 2014 | 05:41 PM | Sean Davidson

Tags  scrap, ferrous scrap, scrap prices, shredded scrap, Sean Davidson

NEW YORK — Ferrous scrap trading in the Midwest has gotten off to a slower-than-normal start this month amid uncertainty on price direction, with participants looking for definitive cues from a market that recorded some mixed movements in early trading.

Despite one Chicago-area mill stepping in early to secure shredded and prime scrap at prices reportedly lower than April levels, several dealers in the area said they would hold out on sales until a clearer picture of supply, demand and neighboring regional activity emerges.

Some dealers said they were in no hurry to book sales at softer prices since they believe May’s market will, at a minimum, trend sideways to last month.....

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