Detroit Scrap Market Settles Down $30, Sending Shock Waves Throughout the Scrap Industry

What looked like a flat to slightly down Scrap market, panic accelerated fast as order cancellations and global issues continued to weigh on the Scrap Metal Market. Going into the weekend, talk around the mills was that Detroit would be likely down $10 GT but as the week began, negative sentiment began to take hold and to much dismay, Detroit led the way and settled down $30. Many believe this is temporary but that does not give many in the business much comfort right now as June has just begun and the pain is real.