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Plans are under way to launch a family of finished steel and scrap metal futures products in the United States this year to provide buyers and sellers along the steel supply chain another set of tools to help manage price volatility.
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PSC Metals Inc. continues its struggle to return to profitability, chalking up another first-quarter loss amid weaker ferrous shipments and selling prices.
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Steel mills and their suppliers spent little time negotiating scrap prices in Chicago and Indiana this past week as both sides agreed to follow a mostly down-$20-per-gross-ton trend set a few days earlier in Detroit.
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Some domestic steel mills may be considering moving away from using scrap-based raw material surcharges as a component in their finished steel pricing as recent volatility in scrap prices erodes suppliers’ pricing power, sources familiar with the situation said.
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Prices for secondary aluminum smelter-grade scrap maintained their slide May 2, with sources telling AMM that buyers continue to test the lower levels of the market.
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Prices for deoxidized aluminum weakened slightly in April as intense price competition brought the overall market down, producers said.
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Midwest ferrous scrap trading kicked off in earnest May 2 in such key regions as Chicago and St. Louis, with prices closely following downward trends established a day earlier in nearby Detroit.
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Copper scrap discounts continued to tighten May 1 as market participants grappled with wide fluctuations on Comex that one trader said are not "necessarily reflective of actual supply and demand figures."
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Prices for scrap aluminum wheels have fallen slightly since last month as demand from producers of 356.1 alloy has weakened, according to market sources.
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Stainless steel scrap prices continued to fall in the United Kingdom last week on the back of declining demand and falling nickel prices.
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Novelis Inc.’s new high-recycled-content aluminum sheet product for the beverage can market is commercially available in North America and Europe, and will be accessible worldwide later in 2013, the company said May 2.
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New laws aimed at stemming metals theft in North Dakota are now in effect, putting a cap on cash payments and requiring recyclers to boost their record-keeping.
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Steel mills in Detroit were once again the first out of the gate this month with scrap price bids that met earlier speculation of a down market.
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Eighteen people have been indicted for their alleged involvement in a multimillion-dollar copper theft ring.
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Due to an editing error, an April 30 article misstated European ferrous scrap exports. A quarterly report released this week by the Bureau of International Recycling showed that U.S. exporters shipped nearly 21.4 million tonnes of ferrous scrap in 2012, or about 2 million tonnes more than the cumulative total exported by 27 European Union countries.
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An Alabama scrapyard employee has been accused of purchasing more than 1,000 stolen catalytic converters from a single seller.
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Elgin Recycling has opened a sixth location, in Arlington Heights, Ill.
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Most secondary aluminum smelter-grade scrap prices fell this week, with sources telling AMM that prices continued to show strong correlation to weakening terminal markets.
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The North American Die Casting Association (Nadca) has filed a letter of complaint with the London Metal Exchange calling for immediate changes to the North American special aluminum alloy contract (Nasaac).
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Pull-A-Part LLC is planning to open its second facility in Kentucky.
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U.S. export prices for containerized ferrous scrap delivered to India dropped over the past four trading days on poor demand and reports of two bulk sales from Australia to different Indian ports.
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The U.S. continued its reign as the world’s largest exporter of ferrous scrap last year despite a drop in volumes shipped overseas.
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In an April 24 article on bills recently introduced by Rep. Rashida H. Tlaib in the Michigan House of Representatives, an unnamed recycler said that scrapyards were comfortable with the proposals. While the unnamed source may have been positive about Tlaib’s work product, that is not the opinion of the Michigan Institute of Scrap Recycling Industries’ Executive Committee.
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Export prices for shredded aluminum scrap, known as zorba, have remained essentially flat since the beginning of April, with shippers increasingly seeking new ways to meet stepped-up restrictions on imports in northern China, sources say.