Late trading firms up prices for shredded scrap
Jun 06, 2014 | 05:37 PM
| Sean Davidson
NEW YORK Ferrous scrap prices into some Midwest areas firmed on late-week trading after a few mills continued to seek Junes 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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