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Ferrous scrap market sentiment has softened into June, with the Trend Indicator declining further to 44.3, signaling continued bearish expectations across participants. The average forecasted price change is a modest -1.7% m-o-m, a slowdown in the rate of decline from May’s actual drop of -6.2%. Still, bearish tones persist across market segments, with buyers and brokers posting subdued indicators at 44.4 and 35.0 respectively, while sellers remain slightly more optimistic at 53.6.
Read on for some highlights from our US ferrous scrap market survey for June or click here to download your copy of the full US scrap trends outlook.
Consensus among surveyed is at 62%, close to the long-term average, suggesting relative agreement among respondents despite a lack of directional clarity.
The market driver this month is lower demand, which remains the dominant concern across responses. This aligns with weak mill buying patterns and continued hesitancy in key downstream sectors like automotive and construction, as noted by surveyed participants.
The market driver this month is lower demand, which remains the dominant concern across responses. Survey participant
The market driver this month is lower demand, which remains the dominant concern across responses.
Survey participant
Inventory levels are still below average at 46.7, but not low enough to offset the pullback in consumption. Market participants widely note that activity has settled into a wait-and-see pattern, with few expecting a significant rebound in the short term.
Unless demand fundamentals show signs of recovery, particularly from domestic steel mills, the market appears likely to remain under downward pressure into the early summer period.