The US Midwest ferrous scrap market for No 1 busheling has continued its lengthy upward run this month - and there is no sign of a price correction to come, given the summer slowdown in prime scrap generation right around the corner.
Steel producers in Detroit, Chicago, Indiana and outlying areas increased their buying price for No 1 busheling by another $10 per gross ton, and agreed to continue paying prices established in May for heavy melt, shredded, and plate and structural scrap.
While sellers in Detroit had no trouble in receiving the additional $10 per ton on busheling, sellers in other regions expressed frustration that they had to fight for the same increase, due to some producers trying to cap the price change at $5 per ton. Given hot-rolled coil prices above $880 ton, some sellers argued that...