Product
Steel Scrap Price Trends and Forecast
Steel Scrap Price Trends and Forecast
Regional Price Overview
Get the latest insights on price movement and trends analysis of Steel Scrap in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Steel Scrap Price Trends for the First Half of 2023
The market of steel scraps faced a consistent decline in the first two quarters of 2023 in China due to weak demand from global industries and an influx of cheap imports from other Asian countries and Russia, which increased the competition, and the domestic traders had to reduce their price quotations.
The US markets of steel scrap also suffered from the same challenges as the low rates of procurement from the downstream sectors, which led to the rise in the level of inventories. During the initial months, the market performed steadily as the positive momentum of the prices was supported by the revival of construction activities, which was evident in its price figures that suggest that heavy melting scrap prices (FOB) rose from approximately 380 USD/MT in January’23 to 448 USD/MT in Mar’23. However, the negative effects of the downward trends of the end-user sectors in the second quarter led to the downfall of the trends to 352 USD/MT in June’23.
Analyst Insight
According to Procurement Resource, the price of Steel Scrap is estimated to grow steadily in the upcoming months as the demand and revival of global markets are expected to support the rise in the prices of steel scrap.
Procurement Resource provides latest prices of Steel Scrap. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
About
Steel scrap or scrap is the product produced by re-using steel scrap generated from steel manufacturing processes. It can be remelted over and over endlessly to make new products such as automobiles, rail coaches, ships, white goods, construction products, machinery, electrical and electronic equipment, as well as packaging material.
Product Details
| Report Features | Details |
| Product Name | Steel Scrap |
| Industrial Uses | Used for manufacturing various goods, including home furnishings from metal beds to office equipment, steel lamps and steel tables, white goods, vehicles, electronics, machinery, and packaging, among others. |
| Synonyms | Scrap metal, Metal Scrap, Ferrous Scrap |
| HS Code | 72044910/ 72044900 |
| Supplier Database | EVRAZ North America, China Steel Corporation (CSC), American Iron & Metal Company Inc., OmniSource, LLC, Hyundai Motor Company, TSR Recycling GmbH & Co. KG, European Metal Recycling Ltd., Innovative Metal Recycling, SA Recycling LLC, Schnitzer Steel Industries, Inc., Ward Recycling Ltd, Inc. |
| Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Methodology
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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