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(AMM) Ferrous scrap prices on split path in August

July 28, 2010 - 20:29 GMT Location: PHILADELPHIA

KEYWORDS: Ferrous scrap , prime , busheling , bundles , shredded , obsolete

Ferrous scrap prices might be heading in opposite directions in August, industry sources said.

Prices for prime industrial steel scrap like No. 1 busheling and No. 1 bundles appear on course to be unchanged to down modestly from July price levels when much of the buying for the mills' August melt programs gets under way next week. Meanwhile, the ongoing tight supplies of shredded and other obsolete grades are expected to drive offers up for that scrap.

Indeed, one key Midwest steel mill has reportedly jumped into the market ahead of its rivals, paying as much $355 per long ton for shredded scrap and $335 for heavy melting steel scrap, industry sources said. Those prices are up as much as $35 per ton from last month.

Industry sources said the availability of obsolete scrap continues to be impacted by the summer heat, the absence of much new demolition work and the reluctance of wreckers and junkyards to sell flattened autos at the current offering...

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