Midwest scrap dealers look to boost July tags

Jun 25, 2014 | 04:19 PM | Sean Davidson

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

NEW YORK — Midwest ferrous scrap prices could recoup June’s declines when trading begins next week, according to early speculation by market participants.

Prices for prime grades such as No. 1 busheling could increase in July, lifting prices above May transactions due to strong demand from mills servicing the auto industry, respondents to an AMM survey speculated.

Typically, auto plant closures in July result in reduced generation of prime scrap, which helps support stronger prices due to improved demand. Market participants said fewer auto plant shutdowns have been planned for July, but the seasonally adjusted increased scrap supply will do little to soften prices as many expect mill demand for prime scrap to negate the improved flow.....

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