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Metal Recycling News September 18, 2020 05:30:34 PM

ISRI Commodity Spotlight Shared Optimistic Outlook on Ferrous Scrap Prices

Paul Ploumis
ScrapMonster Author
The busheling scrap prices have surged higher by almost $10 per ton in September alone.

ISRI Commodity Spotlight Shared Optimistic Outlook on Ferrous Scrap Prices

SEATTLE (Scrap Monster): The recently concluded ISRI 2020 Fall Commodity Spotlight Series on Ferrous Metals hinted at optimistic price outlook for ferrous scrap. The prices, which had plummeted to low levels during April and May, had begun to inch upwards in June and July. As of August and September, the prices look more optimistic, noted the virtual event.

According to Blake Hurtik, editor of Argus Media, demand levels for ferrous scrap at steel mills have witnessed significant improvement, compared with pre-Covid-19 levels. On an average ferrous scrap prices have surged higher by nearly $30 to $50 per ton. The scrap categories to report notable price increase include obsolete and shredded scrap. The busheling scrap prices have surged higher by almost $10 per ton in September alone. The export market demand too has turned healthy, he added.

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The panelists at the discussion remained doubtful about recovery in energy market any time soon. The uncertain economic outlook of the energy sector has been badly impacting steel demand for pipe production.

Turkey has reported strong jump in demand for domestic rebar, which in turn has boosted the prices. There has been a steady rise in prices for containerized scrap to Taiwan. The markets in India too are reportedly showing signs of recovery after prolonged market shutdowns due to Covid-19 pandemic.

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