The United States' April ferrous scrap market has come into focus in a thinly traded month, with many scrap dealers refusing to accept unattractive offers in a month plagued by a historically late start and weak demand.
Detroit settled with prices retreating by $30 per gross ton on prime grades and $50 per ton on cut grades and shredded scrap, with only one mill in the region buying material.Fastmarkets assessed the steel scrap No1 bundles, consumer buying price, delivered mill Detroit at $255 per ton on Monday April 13 versus $285 per ton last month, while that for shredded scrap tumbled to $215 per ton from $265 per ton.Chicago mirrored the $30- and $50-per-ton declines on the prime and cut grades respectively, with numerous sellers indicating that they were not participating at these levels.The consumer buying price for No1 bundles in Chicago settled at $275 per ton and that for shredded at $227 per ton versus $305 and $277 per ton respectively in March.Some scrapyards have even offered to buy scrap at down $50 per ton on obsolete grades like No1 heavy melt...