May 2018 | Steel Scrap and Metallics Forecaster
US scrap market retreated in May: Latest Analysis
The fact that scrap exports dropped in the first quarter while the Chinese domestic price keeps outperforming our forecast points to a strong local demand for scrap despite pressure from cheaper hot metal.
US SCRAP MARKET RETREATED IN MAY
After avoiding a downtrend since October 2017, the US domestic scrap market weakened in May. Pressure from Turkish buyers took its toll on the US market, where recovery of local demand for scrap remains slow. US sellers eventually agreed to a price cut for Turkish mills in mid-April and through May after a month and a half of stand-still. This ultimately demonstrated the continuing reliance of US scrap exporters on the worlds largest scrap importer. The...
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