$40/t drop in Detroit prime scrap trade stuns market

摘要

The United States’ Midwest ferrous scrap market has shocked sellers after Detroit mills entered July trade with offers that were sharply below expectations. Hopes that prime scrap would face only a $20-per-gross-ton reduction in Detroit were quickly wiped out, with mills having plenty of leverage due to an abundance of scrap and pressure on finished hot-rolled coil steel prices. The Detroit market kicked off trading midday on Tuesday July 7, with mills offering to buy No1 busheling at down $40 per ton, and shredded and cut scrap grades at a $20-per-ton drop compared with June.