The scrap industry in the US is expected to continue to consolidate, which benefits the market overall, panelists said at Fastmarkets’ event this week

Despite growing concerns around the health of the US economy and the impact of rising inflation, the US ferrous scrap market should stabilize and recover moderately this year after a period of sustained downside pressure throughout much of 2022, according to panelists at Fastmarkets’ Scrap & Steel conference 2023 in Dallas, Texas

Year-on-year increases in contract base prices for special bar quality (SBQ) steel products put 2023 deal levels on par with spot prices seen early this month, market participants told Fastmarkets, noting that some buyers also negotiated shorter contract terms on fears of a price drop late next year

Fastmarkets made the decision to transition the pricing of Houston ferrous scrap prices from dealer selling to consumer buying assessments in August 2022.

Given the sharp price increases recorded by several major seaborne steel scrap markets at the start of this new year, it can be easy to forget the host of structural issues still bubbling under the surface of the trade

Fastmarkets has corrected its consumer buying price for stainless steel scrap 430 bundles and solids, delivered mill Pittsburgh, following a calculation error for the monthly assessment in January.

Fastmarkets has corrected its consumer buying price for steel scrap no1 heavy melt, delivered mill Cleveland, following updated market information for the domestic ferrous scrap monthly trade in January.

What does 2023 have in store for the US scrap market? Find out today in our monthly US steel scrap price trends outlook

Following a 30 day consultation period, Fastmarkets has realigned its consumer buying prices for No1 busheling in North Carolina and South Carolina respectively, effective from the January 2023 settlement.

Shortages of high-grade pellet-feed iron ore concentrates and good-quality ferrous scrap such as plate and structural grades mean that direct-shipping iron ore fines are likely to remain the mainstay steelmaking raw material