CRU
February 16, 2024
CRU: Scrap prices hit by weak demand offsetting tight supply
Written by Puneet Paliwal
The CRUmpi declined by 1.7% month over month (m/m) to 325.2 in February, compared to a 4.3% m/m increase in February 2023. This is the CRU metallics price indicator, and is derived from steel scrap, pig iron and DRI/HBI price assessments.
Supply decreased for both scrap and pig iron due to seasonal factors, but availability remained ample amid tepid demand in a challenging steel market. Metallics prices showed more resilience in the European market compared to the US and Asia as suppliers resisted price reduction citing higher cost pressure. Meanwhile, ongoing shipping disruptions in the Red Sea continue to impact scrap trade between Europe and Asia.
