By Bill Beck - January 10, 2018
For the second straight month, Detroit set the market for much of the United States, coming out the middle of last week with the same offer it had made at the beginning of December, which was up $20 on prime grades, and up $30 on just about everything else.
By Bill Beck - December 13, 2017
One Chicago broker noted that the U.S. ferrous scrap market now takes its cues from Detroit. “Detroit comes out,” he said. “Everybody follows. It’s all done in a couple of hours.”
By Bill Beck - November 15, 2017
The bleeding that characterized the Detroit market in October generally came to a halt in November. After dropping $30 to $35 in October, cut grades and turnings were a solid sideways in November. Prime grades, which took a $40 hit in October, continued to search for a bottom in November, dropping another $10 as the month began.
By Bill Beck - October 11, 2017
In little more than a month’s time, Detroit has gone from a bull market to a bear market. In the week after Labor Day, the consensus in Detroit was that strong demand would bump prices for most grades of scrap anywhere from $10 to $30. That optimism quickly evaporated when area mills offered to buy scrap at no change from August prices, and most dealers quietly got in line for the sideways market.
By Bill Beck - September 13, 2017
In the week after Labor Day, the consensus in Detroit was that strong demand would bump prices for most grades of scrap anywhere from $10 to $30. That came on the heels of a fairly robust market in August that saw prices increase $10 across the board.