US Scrap Trends Outlook: October 2024

The forecasted scrap price decline of 0.5% showed a lack of significant price movement.

SEATTLE (Scrap Monster):  October’s ferrous scrap market is characterized by a broad sense of hesitation, with the trend indicator standing at 49.5, indicating an expected flat performance. Market sentiment is cautious, largely driven by the approaching election, with survey participants pointing to uncertainty as the primary factor influencing demand. 

The forecasted scrap price decline of 0.5% showed a lack of significant price movement. Diverging perspectives across market sides are noticeable, with brokers maintaining a neutral view at 50.0, while buyers remain slightly more pessimistic at 43.7. Sellers, however, expect a slightly more positive trend with a reading of 54.7.

Inventory levels are notably low, sitting at 46.7, but the overall sentiment is that “all unchanged” conditions prevail. Demand and supply dynamics seem balanced, with no major disruptions anticipated. The overarching mood remains one of “wait and see,” as the market appears to be in a holding pattern until post-election clarity arrives. “

 Courtesy: www.fastmarkets.com

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