Automotive shredders in the United States have continued to adjust their scale buying prices two weeks after the November settlement with all but one rising, indicating there is no downside to shredded scrap in the near future.
The price of shred increased $20 per gross ton in November with the price settling at $364 per gross ton in Alabama, $355 per ton in Chicago and $370 per ton in Pittsburgh.Reacting to the $20-per-ton increase in shredded scrap prices being paid by the mills, some shredders opted to only increase $15 per ton on feedstock in November. "It doesn't make sense to go up more than $15 a ton on shredder feed when the market is up $20 a ton because you have...