Research

Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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January 2019 | North American Steels


US scrap markets set to fall as weak export prices outweigh solid local demand: Raw Material Highlights


US weekly crude steel output grew by 6.2% year on year in 2018, according to AISI. In the first week of 2019 (ending January 5), weekly output was estimated 1.88 million tons, up 10.1% compared with the same week one year earlier.

US ferrous scrap prices are set to underperform our expectations and record decreases in January. A weakening in export demand was the main reason for the drop, with the booking of very few export deals to the major scrap importer – Turkey – heaping pressure on East Coast markets. No US export deals were heard sold to Turkey from November 23 until January 4 and in this time, Turkish import HMS 1&2 (80:20) prices fell $49 per tonne, pushing US East Coast export prices down by the same amount....

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