Trading volumes for CME Group’s US Midwest No 1 busheling ferrous scrap futures contract reached 1,425 lots - or 28,500 gross tons - on Wednesday February 7, according to the exchange's final report for the day, up from 575 lots the previous day.

The busheling contract's trading volumes for this week alone have already exceeded the total contracts traded last month.

The contract is settled against American Metal Market’s Midwest index for No 1 busheling.

In the latest transaction, 1,125 lots were traded for March at $383 per ton and 50 lots each for April through June at $385 per ton. Prices for March were up $3 per ton and April-June prices rose $5 per ton from the previous session.

For the second half of the year, 150 lots - split in equal batches of 25 lots each - were traded for July through September at $388 per ton, up by $8 per ton; and October through December at $370 per ton, down by $10 per ton.

Open interest on the contract - which is listed on the CME Group - currently stands at 3,967 lots, or 79,340 tons.