Miller on Scrap: Hope for a bottom in the U.S. market
As we enter the final week of the month, there seems to be growing hope that the U.S. scrap market has bottomed.
As we enter the final week of the month, there seems to be growing hope that the U.S. scrap market has bottomed.
For April, a majority of respondents said they expect ferrous scrap prices to rise.
Spreads aren't improving. Supply shortage persists.
The LME aluminum price has overcome an important resistance level at $2,300/mt but it remains to be seen if support can be built above that level.
Spreads are narrowing on aluminum scrap, while remaining unchanged in copper scrap.
The international ferrous scrap market may be stabilizing which will likely put pressure on the US domestic market to remain flat or to increase in some areas in April.
Will prices continue downward in April? Where is the pig iron market heading? How are the steel mills operating?
Turkish scrap import prices increased for the first time in almost two months.
Prices for pig iron in Brazil have increased despite efforts by U.S.-based buyers to lower them. It has been confirmed that a U.S. buyer has purchased a 55,000 MT cargo, presumably for May shipment, at $430/MT FOB South Brazil.
Insights, Skepticism, and predictions from industry insiders.