NEW YORK (Scrap Monster): Finished steel production outages are wreaking havoc on the US domestic ferrous scrap market, with scaled-back melt schedules reducing mills’ scrap needs by at least 25%, according to the market sources.
Scrapyards with industrial accounts have reported an apparent slowdown in manufacturing, evidenced by the fact that prompt scrap flows into yards have subsided.
“Our largest industrial account, an auto stamper, is now sending 20% less than a couple of months ago,” said a south-eastern US source.
A Pittsburgh source also noted reduced tonnage from his industrial accounts. Mills are throttling back production in an effort to bring supply and demand into balance, but their discipline efforts vary.
Some are taking a week or more for maintenance in October, while others are devoting only one week to rolling or melting four days per week. One hot-rolled producer put lead times at two weeks for hot rolled coil.
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