US domestic mills resoundingly won the tug-of-war with ferrous scrap sellers this month and successfully limited the upside on prices, yet the outlook for September remains unclear, with some sellers hopeful for further increases while others believe the market may have peaked. Ferrous scrap markets across the country - including Detroit and Chicago - saw a $20-per-gross-ton increase on most grades in August, the first price increase dealers have seen since March. Sellers who were holding back for better offers eventually caved due to various economic uncertainties.
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