Shredded outperforms primes in Midwest

Jul 10, 2014 | 05:25 PM | Sean Davidson

Tags  scrap, ferrous, busheling, HMS, heavy melt, shred, Midwest, Detroit Chicago

NEW YORK — Shredded scrap prices gained the most ground in the Midwest in July as mill buyers looked to restore more-historical price spreads between the material and No. 1 busheling.

Detroit-area steel producers set the tone for the region earlier this week, trading at increases of $15 per gross ton from prices in June, and were soon followed by some mills in Indiana that secured shred at increases of $10 to $15 per ton.

Market participants said shredded scrap values came under pressure shortly after, trading at up $10 per ton to sideways as the week progressed. The varying trends were based primarily off the last transactions in June, which also recorded a shifting market as the buying week advanced.....

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