US scrap trading kicked off on 3 November, with two Detroit mills entering the market with bids at a $30/gross ton discount for busheling and $20/t discount for shredded versus October prices, Kallanish notes.
This points to a widening spread between shredded and busheling, which was not expected by many market participants and has thus surprised the market.
Although prices are not yet fully settled, weak demand seems to continue to be the major factor impacting …
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