RMU survey: Ferrous prices could decline, non-ferrous flat to a slight uptick for March
Monthly SRU survey finds near-term ferrous prices could fall
Monthly SRU survey finds near-term ferrous prices could fall
Here's a look at price spreads for aluminum scrap and copper scrap from the start of March. Copper scrap spreads remained flat, while aluminum scrap exhibited some widening.
Even though it’s the fifth of the month, there have been no confirmed purchases by domestic steelmakers. Rumors are circulating about how low prices will drop. Most of the scrap community is forecasting a $50/gt drop for #1 busheling, with shredded and P&S at perhaps $40/gt.
Non-ferrous scrap spreads remained tight amid ongoing global shipping constraints, raising concerns.
While the sale of aluminum scrap is declining, there's a surge in demand from consumers.
"Longs sales are at a standstill," said one producer.
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.
The government of Kazakhstan intends to prolong prohibition of foreign shipments of steel scrap and waste in order to support the domestic economy. “The decision was made collectively against the backdrop of the situation that has arisen due to the lack of raw materials for local processing enterprises and the restrictive measures on the export […]
Scrap prices were flat-to-down m/m across major Asian consuming markets as buyers resisted fresh purchases ahead of holidays in China and Southeast Asia as well as on weak demand stemming from reduced steel mill utilisation rates.