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According to just-published data from American Metal Market (AMM), March prices for shredded scrap (obsolete) remained unchanged at $440/ton, while #1 busheling (prime) scrap fell $12/ton (or 2.5%) to $463/ton.
The decline was the second straight drop for prime scrap, and prices are now some $57/ton (or 11.0%) down from January, although still some 3% above the recent trough last November. Shredded scrap prices have held up better and are down $30/ton (or 6.4%) from January.
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Why is it that prime grades have been under greater pricing pressure than obsolete grades? What market conditions create this scenario?