BIR World Mirror on Ferrous Metals-October 2023 Edition

SEATTLE (Scrap Monster): The Bureau of International Recycling (BIR) announced publication of October 2023 edition of World Mirror on Ferrous Metals.

According to the report, price quotations for recycled steel recorded little variation in Europe and Turkey during the third quarter of the year. The renewed buying interest from Asian region, especially from countries such as India, Pakistan and Bangladesh provided some sort of relief to the worldwide ferrous scrap market.

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The production outages in October may lead to lesser prices for recycled steel supplies in the U.S. However, recycled steel inventories are already at lower levels. The U.S. recycled steel dealers have been witnessing steady export demand.

The yard inflows continued to record sharp decline in European counties. Certain Scandinavian supplier segments witnessed notable decline of up to 30%, upon comparison with the previous year. The recyclers face several issues including lack of adequate staff, elevated energy costs and rising inflation. The domestic and export market prices in the UK, which remained steady until the beginning of October, have now begun to soften.

Meantime, the Japanese recycled steel market continued to remain firm since August this year. The country’s recycled steel exports volume recorded year-on-year surge by 14.6% in August. The recycled steel consumption in China recorded decline, despite rise in crude steel production, BIR noted.