Detroit ignites August ferrous scrap trading

Aug 05, 2014 | 06:00 PM | Sean Davidson

Tags  ferrous scrap, shredded scrap, prime scrap, Sean Davidson, Lisa Gordon

NEW YORK — Ferrous scrap markets across most of the United States have reportedly kicked off trading for August at prices that are mostly unchanged compared with July levels, with many expecting markets to settle by Aug. 7 at the latest.

Midwest market participants said St. Louis-area mills had followed Detroit to bid for scrap at prices that were unchanged from July, while those in Chicago and Indiana reported similar trends for volumes booked Aug. 5.

A few Midwest buyers that attempted to lower prices for prime scrap by $5 to $10 per ton met with dealer resistance, according to some suppliers, who said they would hold out for July’s prices.....

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