Ferrous scrap prices hold sideways in Detroit

Aug 04, 2014 | 06:06 PM | Sean Davidson

Tags  scrap, ferrous, steel, busheling, shred, heavy melt, HMS, export AMM Index

NEW YORK — Ferrous scrap trading for August has kicked off in the Detroit region with two steel producers entering the market and a third reportedly poised to follow.

Prices on obsolete scrap grades and shredded scrap trended sideways, in line with last week’s market speculation. However, prime scrap prices—which many market participants believed could soften due to better supply—also were left unchanged in business concluded Aug. 4.

Market participants said both producers bid sideways prices on all scrap grades, including No. 1 busheling and No. 1 bundles, in a move that some believe was aimed at addressing a large price differential to some consuming pockets in the Ohio Valley region. ....

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