US scrap market slumps in 2024

The US domestic ferrous scrap market had a rough 2024, despite optimism as the year started. In December 2023, market prices shot up after multiple months of retreat. At this point, many players in the trade thought prices would return to levels experienced in 2021-22.

Well, the opposite happened. Ferrous scrap prices declined going into January and continued on that trajectory for eight consecutive months. This mirrored the fall in prices for hot-rolled coil (HRC). Prices for scrap steadied in October and rose slightly in November. But in December, prices again continued their downward slog, as HRC showed little strength and mills tried to minimize scrap intake.

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.