Sellers are lowering their expectations and indicating that ferrous scrap prices in the US Midwest will rise by $20 per gross ton on most grades in the Chicago, Detroit and Indiana regions.
Some cut grades are officially trading in Chicago at a $20-per-ton premium to March sales, with an expectation that prime will follow suit.Shredded scrap has not been sold but could trade at a premium larger than $20 per ton, since pressure is mounting on this grade. "Shredders still owe tons, transportation is still messed up and mills that are not directly...