S&P Global Platts has published an interesting outlook on the development of the US ferrous scrap market. In it, author Joe Eckelman ventures an exciting look at the developments in the scrap market over the past few years. And how this could develop in the future.
U.S. ferrous scrap prices ended the year strong
Pittsburgh – Despite major uncertainty in 2020 stemming from the black swan effects of the coronavirus pandemic, U.S. ferrous scrap prices ended the year strong, and market participants had reason to be optimistic heading into the new year.
Scrap market conditions were challenging
While market conditions were challenging at the start of the year, the final month of 2020 saw the largest December scrap price increases on record, and the outlook for January remains optimistic as U.S. hot-rolled coil prices surpassed $1,000/hr in the final week of the year for the first time since 2008.
Export scrap prices continued to rally
In addition, export scrap prices continued to rally, as they have throughout most of 2020. The S&P Global Platts HMS 80:20 import assessment for Turkey rose from a low of $207.50/mt CFR Turkey in mid-March to $477.50/mt at the end of December, the highest level in more than nine years.
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