Chicago scrap prices slide on lower demand

May 07, 2014 | 07:00 PM | Sean Davidson

Tags  ferrous scrap, heavy melt, busheling, shredded scrap, scrap prices, Sean Davidson

NEW YORK — Weaker overall demand from steel producers in the Chicago area adversely impacted monthly ferrous scrap prices, which trended lower as the week progressed.

As expected, prime scrap prices in Chicago finished the strongest in May, trading mostly sideways to April levels, while shredded scrap dropped an average of $15 per gross ton, according to market participants.

Obsolete or cut grades of scrap, such as heavy melt and plate and structural, dropped well below previously anticipated prices as late buying delivered weaker prices, buyers and sellers said.....

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