Final Thoughts: Ferrous scrap market sees decline
Is the ferrous scrap market potentially signaling an industry recession?
Is the ferrous scrap market potentially signaling an industry recession?
US ferrous scrap prices fell steeply in March for HMS, shredded, and prime scrap, sources told SMU. “The March ferrous market was considerably softer due in general to better-than-expected inflows in February, less demand from US mills thanks to falling finished steel prices, and less demand from lackluster markets overseas,” one scrap source said. The […]
Non-Ferrous Scrap Metal Market Review
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In a surprising turn, a Rocky Mountain mill resumed its purchasing program at half its normal capacity, signaling potential stabilization in the Texas/Gulf region for the upcoming month.
Non-ferrous scrap spreads remained tight amid ongoing global shipping constraints, raising concerns.
For the West Coast export market, Tet/Chinese New Year ended on Monday and buyers were just coming back to the market.
In 2023, the US economic performance has exceeded expectations. The Bureau of Economic Analysis reports an estimated real GDP growth of 2.5% for 2023.
Market contacts have noted a reduction in the availability of refinery-grade (#2) scrap in January. This follows a slight improvement in December, as export markets were less attractive to European scrap dealers due to the freight disruption that has resulted from the conflict in the Red Sea.
Trade body Seifsa has revived its call for the government to end prohibition of scrap metal exports, saying it is threatening the whole industry with collapse.