Ferrous Scrap

Ferrous market shapes up
Written by Stephen Miller
May 8, 2024
After a considerable wait, the market for ferrous scrap for May shipment has started to form. The Detroit district has entered the market buying prime grades at sideways pricing and obsolete grades at down $20 per gross ton (gt) from April levels.
Ferrous scrap was generally predicted to trade in a “soft sideways” manner for May. So, those expectations seem to have been met. The Detroit buy should form a platform for other mills to adopt as the market settles over the next several days.
Update
It did not take long for other districts to enter the market after Detroit dipped their toe in. For the most part, the other districts followed along with minor variations.
The Philadelphia market went sideways across the board mainly due to the ongoing strength in the export arena.
Several markets only went down $10/gt on obsolescent grades, but prime traded sideways in all markets thus far. These prices should not draw too much resistance, if any, according to several sources.

Stephen Miller
Read more from Stephen MillerLatest in Ferrous Scrap

Miller on Scrap: Ferrous mart losing steam in April on auto woes
The US ferrous scrap market rise this year is showing signs of slowing down as US steelmakers adjust production in line with slower automotive production and sales. But President Trump's announcement of 25% auto tariffs could change things very fast.

Turkey political woes hit US scrap export market
The export situation from the US East Coast was interrupted last week after a political event in Turkey.

Ferrous scrap market outlook hazy for April
The US scrap market is in for another unpredictable ride going into April. Questionable scrap flows, extended winter weather, and implications of tariffs on steel and scrap continue to have an impact.

Ferrous scrap tags rise amid short supply, tariff volatility
Ferrous scrap prices rose across the board in March as the market adapted to short supply and the volatile tariff situation, sources told SMU.

Toyota Tsusho America to acquire Radius Recycling for $1.34 billion
The companies said Thursday that Radius shareholders will receive $30 per share in cash upon the deal’s closing, which is expected in the second half of this year.