U.S. Ferrous Scrap Markets Relatively Stable

SEATTLE (Scrap Monster): The U.S. ferrous scrap market exhibited relative stability during the month of November this year. However, the markets elsewhere remained more or less volatile. The LME steel scrap contract and the steel rebar contract on SHFE witnessed downward momentum.

The shredded ferrous scrap prices recorded second straight month of rise, recording a jump of $20 per ton in November. The prices of obsolete scrap grades comprising of shredded scrap and No.1 HMS in the Midwest region recorded average price increase by $20 per ton. Meantime, No.1 busheling grade scrap prices edged higher by less than $10 per ton in November 2018. The market’s demand-supply situation seems to remain stable. However, geopolitical events could have a negative influence on markets.

The data published by the U.S. Census Bureau states that the country exported $4.53 billion worth of scrap iron and steel through September this year, which is higher by 31.69% when matched with the corresponding nine-month period in 2017. The exports had totaled only $3.44 billion during Jan-Sep ’17. The imports too recorded over 24% surge during this period. The imports totaled around $1.4 billion through September this year, as compared with $1.13 billion in Jan-Sep ’17.