Scrap trends sideways as marts follow Detroit

Aug 06, 2014 | 06:10 PM | Sean Davidson

Tags  scrap, ferrous, Sean Davidson

NEW YORK — Steel mills in several pockets of the United States wrapped up their monthly scrap bookings Aug. 6 as markets continued to trend at levels established early this week by Detroit-area mills.

"Sideways" was the play of the week as buyers and sellers in Alabama, Arkansas, Illinois, Iowa, Michigan, Missouri, Tennessee, the Carolinas and the Virginias all reported transactions at prices that were unchanged from July levels.

In Indiana, some traders said a producer had slowed down bookings in an attempt to pressure scrap prices to offset strong July prices, while in the Ohio Valley and Mid-Atlantic regions some mill buyers reportedly also were working to soften prices.....

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