![](https://recycledmetalsupdate.crugroup.com/wp-content/uploads/sites/5/2024/03/Scrap-Yard-3-300x225.png)
March Steel Market Insights: Trends and Turmoil
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.
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.
The drop in its offer prices was larger than most industry observers had forecast, especially for shredded scrap.
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.
"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.
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.
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.
European scrap prices were mostly unchanged m/m in February because weak demand was relatively balanced by limited supply.