Cleveland, Pittsburgh and Alabama fell in line and other regions geared up to follow.
Chicago was close to settling and was expected to mirror the moves in Detroit. Shredded scrap was the exception, trading at a $32-per-ton increase in this market as of midday Friday. The expanded Chicago market will publish in tandem with the historical Chicago market.
The Cleveland market wrapped up quickly, with buyers and sellers agreeing to follow the trend that has taken hold in many US markets this month. Shredded scrap in Cleveland settled at $355 per ton, while No. 1 busheling was being sold at $400 per ton, according to American Metal Market's assessment.
One Cleveland seller indicated that shred was especially hard to source due to an active Turkish export market...