Late trading firms up prices for shredded scrap

Jun 06, 2014 | 05:37 PM | Sean Davidson

Tags  ferrous scrap, shredded scrap, scrap prices, Chicago, Indiana, Iowa, Texas, Detroit heavly melt

NEW YORK — Ferrous scrap prices into some Midwest areas firmed on late-week trading after a few mills continued to seek June’s most valuable grade: shredded scrap.

After most mills in the Chicago and Detroit areas secured shredded scrap at down roughly $20 per gross ton in trading between June 2 and 4, suppliers pushed for improved prices from mill buyers seeking shredded volumes June 5 and 6.

Market participants said some mills in Arkansas, Illinois, Indiana, Iowa, Tennessee and Texas agreed to drops of $10 per ton on shredded scrap, resulting in a late recovery of shred prices from early June declines of $20 per ton.....

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