September Scrap Negotiations Continue as Detroit Settles Down $30 on Primes

SMU scrap sources advised ferrous scrap prices have settled in Detroit with prime grades (Busheling and bundles) moving lower by $30 per gross ton and shredded scrap by $20 per gross ton. Dealers had been hoping that a slower flow of feeder stock into the yards coupled with stronger buying by long products mills might help keep shredded scrap prices firmer as well as obsolete grades.

Prime grades of scrap are now selling at $230 per gross ton delivered which is the lowest price seen in the Detroit market in six months.