Ferrous Scrap Sees Busheling Up $10, Obsolete Grades Sideways

Steel Market Update ferrous scrap sources have advised us there was quick buying of July scrap early this past week. We understand that a Midwest-based EAF mill was buying early, taking prime grades such as busheling up $10 per ton while obsolete grades (HMS, shred) were bought at sideways pricing to June.

Busheling, which along with bundles is considered the prime grade for ferrous scrap, was reported to have sold in the Detroit area for $395-$400 per gross ton, while going as high as $430 per gross ton in other Midwest cities. Shredded scrap was reported as selling from $355 to $380 per gross ton.