Late trades help buoy Midwest scrap prices

Jun 10, 2014 | 05:39 PM | Sean Davidson

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

NEW YORK — Shredded scrap prices in the Midwest posted a modest recovery in late trading as demand stayed strong for June’s weakest scrap grade.

Late buying by at least two large producers gave shredders an opportunity to claw back from early June decreases of $20 per gross ton in regions such as Detroit and Chicago, according to Midwest market participants.

With sellers wary that the $20-per-ton drop in shredded scrap prices would turn away suppliers, many were hesitant to confirm larger orders for shred—a concern that some mill buyers said they shared and consequently helped alleviate by offering prices at down $10 to $15 per ton from May levels.....

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