US scrap trends outlook: November 2024

Here are the key takeaways from market participants on US ferrous scrap metal prices, market confidence, inventory and more from our November survey

November 5, 2024

What is the outlook for the US ferrous scrap market?

The US ferrous scrap trend indicator remains stable at 53.5 in November
This translates to an expected 3% rise in scrap prices through the month
The market consensus is high at 62%, with both buyers and brokers at a neutral 50.0 while the more positive sellers scored 60.4
The market remains generally stable but election results could bring more uncertainty

Read on for some highlights from our US ferrous scrap market survey for November or click here to download your copy of the full US scrap trends outlook.

US scrap market stable in November as election looms and supply pressures ease

The US ferrous scrap market outlook for November remains stable, with the trend indicator at a moderate 53.5, signaling expectations for modest price increases through the month. That translates to an expected 3.0% price rise in November, signaling a continued balance in supply conditions. The looming presidential election appears to have influenced the immediate pricing dynamics.

Still slow business in construction and automotive; waiting for the US elections.

Survey participant

Sellers remain most optimistic

The overall consensus is high at 62%, suggesting a reasonable level of agreement among market participants about the direction. Buyers and brokers hold neutral stances, each posting a reading of 50, while sellers indicate a slightly more optimistic outlook with a reading of 60.4, suggesting stronger anticipated demand on the selling side.

Post-election uncertainty

This market stability may persist unless unexpected shifts arise from post-election policy changes or sudden supply chain interruptions, making the end of the year an uncertain but potentially stable period for scrap prices.

Access the latest scrap trends outlook report