Midwest ferrous scrap prices look set to fall

May 06, 2014 | 05:53 PM | Sean Davidson

Tags  scrap, steel, ferrous, Chicago, Indiana, Iowa, Philadelphia, heavy melt shredded scrap

NEW YORK — Ferrous scrap prices for obsolete grades and shredded in critical markets such as Chicago and Indiana are poised to soften in May, with market participants reporting price decreases for volumes traded May 6.

In Chicago’s local market, sources said minimal buying programs at two steel mills, an oversupplied shredded market and the absence of firm trading into larger, neighboring markets helped a third Chicago-area producer systematically lower prices from April’s levels.

Shredded scrap sales were reported at down at least $15 per gross ton, indicating that Chicago’s market appears to have followed the previous day’s movement in Detroit (amm.com, May 5).....

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