Will prices recover in the second half of the year?

After celebrating the July 4th holiday, let’s have a look back at the first half of 2024.

The year started off rather promising for ferrous scrap and pig iron. In January, prices for prime scrap in the US rose over $50 per gross ton (gt) as mills tried to build inventory after closing their 2023 books. Some mills ran into trouble as industrial scrap generation was restrained in December due to the holiday schedule. They met resistance at these levels, and several districts had to increase their prices beyond their initial levels.

Stephen Miller

Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40-plus years, he has worked in all capacities in the trading business. He has had positions in both domestic and international scrap trading. In addition to scrap, Miller was at the forefront of the pig iron trade and established a pig iron distribution company under the name of Ferrosource, Inc. Most recently, Miller has concentrated on the scrap export market and regularly does consulting for several companies in the industry.