Ferrous Markets Still Upbeat

In its most recent report, the BIR World Mirror finds that ferrous scrap markets remain robust. In his Presidents Report, Bob Philip, Hug Neu Schnitzer Global Trade LLC, USA, writes the following: U.S. ferrous market conditions remain quite robust on both the buying and selling side. One of the challenging aspects of today’s market conditions concerns the sudden and dramatic swings in the value of the U.S. dollar. Unlike the in the past when we often witnessed steady and consistent price movements, we now see fluctuations as wide as $100.

Although the scrap market has retreated from its earlier highs, we are seeing continuing firmness in export prices as well as in domestic prices for scrap, with the result that scrap is being kept away from the export docks. IN fact, U.S. steel mills may be raising expectations of further scrap price increases in order to encourage more volume into the marketplace.

U.S. steel demand remains steady and economy growth appears stronger, with finished steel products remaining tight and some customers being put on allocation despite the dramatic resurgence of steel imports in the USA.”

The World Mirror also includes commentary from ferrous market watches in Asia and the Pacific Rim; India; Japan; Russia; the United States; and Europe.

The market report is available to all BIR members. For more information on the BIR go to the association’s web site at www.bir.org. The BIR is an international association of companies in the scrap recycling industry.