US auto shredders raise prices, banking on strong February

US auto shredders - emboldened by the strength of the Midwest scrap market - are raising prices to keep up with competitors, fulfill January commitments or simply get ahead of projections for another good performance for the grade in February.

While monthly ferrous scrap negotiations for January ended nearly a week ago, mills are still chasing secondary grades such as shredded scrap, according to sellers. “We do a lot of trading and were still trading [on Wednesday January 10]. This market started off early. Mills are still buying and calling to see if we can ship faster and ship more than planned. Consumers are coming up short and prices continue to move higher,” one Detroit-area shredder source said, declining to disclose how much of increase he has received for shredded scrap in deals that took place after the market settled.  While shredders aim to raise their price for shred feed by a number that is less than the level at which they sold finished shred...

Published

Lisa Gordon

January 11, 2018

20:15 GMT

Pittsburgh