Week in review: Tough road through September

September kicked off with Great Lakes-area steel mills entering the ferrous scrap market. Mills in Detroit have reportedly bought scrap sideways from August, with the exception of shredded scrap, which fell $20/gt.

In conversation with a major scrap seller in the Midwest, it was mentioned that Chicago has not officially bought yet. RMU’s Stephen Miller noted, given that mills in the area are expected to buy scrap at nearly normal levels, the prices paid by Detroit may not be well received in Chicago.