US Midwest Ferrous scrap market settles, prices up by $20 per ton

The US Midwest Ferrous scrap market has settled with an increase of $20 per gross ton. The shredded scrap prices in Chicago region recorded an increase of up to $30 per gross ton.

According to market sources, the prices of No 1 heavy melt scrap settled at $171 per gross ton. The No.1 busheling prices increased to $181 per ton and those of shredded scrap settled at $185 per ton. The rise of $20 per gross ton was triggered by a Detroit area steel mill who agreed to pay $20 per ton more for the raw material. Following this, all producers agreed to the rise in scrap prices.

The scrap prices in Chicago region too witnessed rise of $20 per ton. However, shred scrap market settled even higher, registering an increase of $30 per ton to $190 per ton. Shred scrap demand continued to remain strong in the region. Incidentally, shredded scrap prices has been moving up since the second half of December last year in Chicago area. Reports indicate that mills are still looking for more scrap. This is likely to keep scrap prices high during forthcoming weeks.

Elsewhere, Alabama scrap prices also witnessed rise of $20 per ton for most grades. However, No.1 bundles settled at $25 per ton increase at $178 per ton. Cleveland area mills too increased buy price on all scrap grades by $20 per ton. However, Pittsburgh market is yet to settle. Prime and scrap grade scrap witnessed rise of $20 per ton, in line with the increase in other regions. However, heavy melting scrap purchases went higher by $15 per ton when compared with December. Also, plate and structural scrap prices were up by $16 per ton.



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