Early trading bolsters Midwest scrap prices

Jul 09, 2014 | 05:47 PM | Sean Davidson

Tags  scrap, ferrous, steel, scrap prices, Chicago, busheling, shred, HMS heavy melt

NEW YORK — A mixed market for shredded steel scrap in the Midwest has resulted in varied trends across key regions as early transactions fared better than late ones amid weakening sentiment.

Market participants said shredded scrap sold into Indiana this month at increases of between $10 and $15 per gross ton from June, while shredded transactions in the Chicago area were reported at increases of $5 per ton to $15 per ton depending on last month’s individual price levels.

Early week sales were reported at higher prices than late week sales, with some suppliers still looking to place shredded scrap late in the week.

"Mills are now offering sideways prices on shred, which is concerning when you’ve got others that have gone up $10 or $15 (per ton). It makes it very uncompetitive when securing feed stock," one supplier said. "At sideways for shred, it would be just a few dollars above No. 1 heavy melt, which makes no sense. It should’ve been the other way around."....

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