Shredded scrap prices fall in early June trades

Jun 04, 2014 | 04:04 PM | Sean Davidson

Tags  ferrous scrap, shredded scrap, scrap prices, Chicago, Indiana, Iowa, Detroit, heavly melt plate and structural

MIAMI — Shredded scrap prices have lost the most ground in early trading for June while prime grades have emerged the strongest, in line with pre-trading speculation.

Midwest market participants said trading began in earnest June 4, with steel mills in Chicago, Indiana, Detroit and Iowa stepping in to begin buying for the month.

With steady demand from most mills, prices for shredded and obsolete grades reportedly softened due to improved supply flows into dealer yards and the absence of support from East Coast export markets.

Buyers and sellers in the Midwest said that early transactions for shredded scrap were concluded at about $20 per gross ton below last month’s prices and obsolete grades such as heavy melt and plate and structural fell $10 per ton, while prime scrap such as No. 1 busheling trended mostly sideways.....

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