July ferrous scrap prices in Detroit move higher

Jul 08, 2014 | 05:45 PM | Sean Davidson

Tags  scrap, ferrous scrap, steel, prices, Detroit, Chicago, Indiana, HMS heavy melt

NEW YORK — Ferrous scrap tags in Detroit inched higher this month as a push to normalize price differentials between prime and shredded scrap coupled with tight supplies of plate and structural scrap allowed prices for obsolete grades to rise.

Mill buyers in the Detroit area were again the first to buy this month and found little resistance to their bids July 7.

Market participants reported increases of $5 to $10 per gross ton on obsolete grades like No. 1 heavy melt and 5-foot plate and structural (P&S) scrap, with increases of $10 to $20 per gross ton reported on shredded scrap, depending on the last price transactions in June.

Prime scrap grades like No. 1 busheling and No. 1 bundles, meanwhile, traded in Detroit at prices unchanged from June, according to buyers and sellers. Buyers reported no resistance to flat pricing on prime scrap despite some dealers previously saying that they would hold out for increases (amm.com, June 25).....

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