Detroit makes push to soften shredded market

May 05, 2014 | 05:33 PM | Sean Davidson

Tags  scrap, ferrous, steel, shredded scrap, Detroit, Chicago, Indiana, Texas Sean Davidson

NEW YORK — A well-supplied shredded scrap market could take the wind out of ferrous scrap trading sentiment this month as talk of any meaningful price increases all but ended May 5.

Midwest dealers hopeful of at least a $5- to $10-per-gross-ton increase in May said that sentiment turned to sideways to "soft sideways" after one large Detroit-area producer entered the market May 5 offering unchanged prices for obsolete and prime grades and down $15 per ton for shredded scrap.

Some suppliers confirmed that they transacted at those levels, with many believing Detroit’s remaining producers will follow with similar moves. ....

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