Become a customer

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
By the Fastmarkets team
Ferrous scrap Scrap and secondary United States

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
What to read next
Final decision on open consultation on methodology for secondary aluminium price assessments
Full details of the prices covered by this consultation can be found here. No feedback was received during the consultation period and therefore no changes will be made to the methodologies at this stage. This consultation sought to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization […]
April 16, 2025
 · 
By Sean Barry
Final decision on open consultation on methodology for steel scrap price assessments, indices
No feedback was received during the consultation period and therefore no changes will be made to the methodologies at this stage. Full details of the prices covered by this consultation can be found here. This consultation, sought to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization […]
April 16, 2025
 · 
By Fastmarkets Staff
Amendment to name of steel scrap HMS 1&2 (80:20 mix), index, domestic, delivered UAE
The decision follows a a one-month consultation, which started on Friday March 14 and ended on April 11, with the amendment taking effect from Wednesday April 16. No comments were submitted during the consultation period. Following the end of the consultation, the name of the index has been modified to steel scrap, sheared HMS 1&2 (80:20 mix), index, […]
April 16, 2025
 · 
By Lee Allen
Copper producers ‘keep calm and carry on’ amid chaos | Hotter Commodities
Producers of copper appear to be adopting the public mantra of “keep calm and carry on” while trade tensions escalate. But this belies an underlying mood of concern that not just they, but the wider industry, has assumed
April 15, 2025
 · 
By Andrea Hotter
European pulp and paper industry weighs impact of US tariffs
The European pulp and paper (P&P) industry is struggling to assess the possible impact of tariffs. First, US President Donald Trump announced a 10% blanket tariff on all goods imported to the US. Additionally, he announced higher “reciprocal” tariffs with those he deemed worst offenders. This included a 20% tariff on EU goods. He later […]
April 11, 2025
 · 
By the Fastmarkets team
Correction to Fastmarkets’ No1 heavy melt, No1 busheling and shredded auto scrap daily composite calculations for Wednesday April 9:
The daily composite prices for these grades were incorrectly calculated without the settled Chicago assessments on April 9. The composite prices for No1 heavy melting scrap and No1 busheling are calculated using the average settled prices for Chicago, Philadelphia and Pittsburgh. The composite price for shredded auto scrap is calculated using the average settled prices […]
April 10, 2025