Steel Mills Need to Buy Ferrous Scrap Pushing Prices Higher by $5-$20

The scrap markets are still sorting themselves out as the domestic steel mills and dealers jostle for position with the dealers looking like they will be the victors in this go-around for January deliveries.

We are hearing early trades in Chicago as being done at up $20 per ton with one of our sources telling us heavy melt (HMS) is at $155 per gross ton, shredded scrap $190 per gross ton and busheling at $180 per gross ton.