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

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November 2019 | Steel Raw Materials


US domestic scrap prices likely to see November rise but fundamentals remain weak: Scrap Highlights


Although US scrap prices have traditionally correlated most closely with Turkish import scrap prices, there has also been high correlation between US scrap and HRC prices this year.

Monthly US scrap negotiations have kicked off with some early deals closed at increases of $10 per long ton in the Midwest, while discussions in East Coast markets indicate a possible rise of $15-20. A rise in Turkish import scrap prices helped drag US East Coast export prices up to $214 per metric tonne fob by October 30, up $23 month on month. As the first chart shows, US local scrap prices have remained closely aligned to price changes in Turkey this year – which remains the world’s largest single scrap importer. If early...

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