Indiana, Chicago follow national scrap trends

Aug 07, 2014 | 06:45 PM | Sean Davidson

Tags  scrap, ferrous, Chicago, Indiana, Texas, Houston, Philadelphia, Cincinnati Sean Davidson

NEW YORK — Steel mills in Indiana and the Chicago area have completed a majority of their scrap buying programs for August at similar trends to those in most regional markets this month.

Scrap grades in Chicago moved sideways, according to market participants, who reported a similar development in Indiana despite talk of producers attempting to lower prices.

"There are too many big electrics fighting for more tons. Export is up again. Steel continues to trend stronger. (Dealers) are not going to participate at lower levels. This market has some positive movement in it as we look forward," one trader said.

Market chatter of mills trying to lower overall prices was baseless, an executive at one Chicago-area producer said. "Sounds like a lot of rhetoric out there this month. We always have some prices that need to be adjusted and don’t necessarily move with the market trend. So saying we pushed some prices down could be said every month in the year." He noted that only some select dealers had prices adjusted to bring them more in line with the market. ....

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