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Chicago ferrous scrap prices fall as much as $45/T

February 07, 2012 - 01:39 GMT Location: New York

KEYWORDS: ferrous scrap , scrap prices , bundles , busheling , heavy melt , shredded scrap , Chicago market

Ferrous scrap prices in Chicago settled lower Monday, with cut grades down between $25 and $30 per gross ton, shredded steel scrap falling $30 and prime grades off as much as $45 per ton.

No. 1 heavy melting scrap proved more resilient than other cut grades, dropping just $25 to $415 per ton for February orders. The other two highly sought after secondary grades—five-foot plate and structural scrap, and shredded steel scrap—dropped $30 to $440 per ton.

Meanwhile, No. 1 bundles and No. 1 busheling were down $45, now standing at $470 and $475 per ton, respectively.

Market participants said prices were under pressure because there was more supply than demand despite strong volumes for February. "There’s just more supply, and that’s certainly true on prime grades and shred. On the cut grades like heavy melt, scrap isn’t as...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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Ferrous

May 24, 2012 00:29 Harsco renews three multiyear contracts in US
May 23, 2012 14:45 DAILY SCRAP REPORT: Index unchanged on lack of new offers
May 23, 2012 10:24 China halts scrap imports on weak domestic market
May 23, 2012 08:53 SE Asia scrap prices down $15-20 as buyers await market cues
May 23, 2012 00:35 US recyclers facing bankruptcy filings

Ferrous Scrap

May 24, 2012 00:29 Harsco renews three multiyear contracts in US
May 23, 2012 14:45 DAILY SCRAP REPORT: Index unchanged on lack of new offers
May 23, 2012 10:24 China halts scrap imports on weak domestic market
May 23, 2012 00:35 US recyclers facing bankruptcy filings
May 23, 2012 00:31 SA Recycling dismisses Calif. closure rumors

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