Ferrous Scrap
Ferrous scrap prices poised for August gains
Written by Stephen Miller
August 7, 2024
It’s buy week again for ferrous scrap. US steelmakers are expected to offer their prices for August shipment this week. Most of the dealers and brokers RMU has quizzed believe the market has enough traction to hold sideways and even go up. Prime scrap seems to be the most likely to gain in August as it was a bit short last month when some mills attempted to buy down from June and met resistance. They eventually had to raise their prices.
On the obsolescent side, many think shredded and P&S can also achieve a raise. However, when RMU contacted several large companies with multiple shredders, they indicated their inbound flow of shredder feed had not decreased to any appreciable extent. This may be able to limit the market on shredded to sideways from July. So, at this point, it is a toss-up.
On the demand side, there still is no evidence of increased demand from scrap buyers. Most scrap programs at major mills are no better than in July. However, there is enough demand that steel mills will want to keep scrap flows intact. RMU has not spoken to anyone on either side of the metallic aisle who thinks scrap prices will be down.
As always, scrap prices are reliant mainly on demand for finished steel. Demand has been down this year, and so have prices for ferrous scrap.
Stephen Miller
Read more from Stephen MillerLatest in Ferrous Scrap
How will scrap market handle fall outages?
The question among scrap players is can the market hold its level in the face of coming mill outages? Opinions are divided on the subject.
Sims’ long-term outlook bright, sees tariffs boosting US scrap demand
Australia-based global recycler Sims Ltd. has a rosy long-term outlook, while the company said tariffs are supporting US demand for ferrous scrap.
Bipartisan Congressional Recycling Caucus gets relaunch
Rep. Haley Stevens (D., Mich.) has announced the relaunch of the bipartisan Congressional Recycling Caucus.
CRU: Global scrap prices diverge even as US market holds flat
The CRUmpi rose by 0.8% month over month (m/m) to 286.1 in August, following four consecutive months of decline. Scrap prices showed mixed trends across major regions, largely influenced by local supply-and-demand dynamics, government policies, and the relative strength of finished steel markets. US prices were stable while Europe and Asia saw price increases, but […]
US scrap export market seeks footing
The US scrap export market has traded sideways or slightly less for about 60 days, with no real firmness in sight.