US scrap trends outlook: October 2024

What is the outlook for the US ferrous scrap market?

• The market views are shaped by hesitation and uncertainty, driven by the upcoming election
• The US ferrous scrap trend indicator stood flat at 49.5 in October
• Scrap prices are expected to remain stable with only a 0.5% drop
• The market consensus diverged further, with the more positive sellers at 54.7, the neutral brokers at 50.0 and the more pessimistic buyers at 43.7

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

US ferrous scrap market stagnates in October

Divergence in market consensus rose

The forecasted scrap price decline of 0.5% showed a lack of significant price movement. Diverging perspectives across market sides are noticeable, with brokers maintaining a neutral view at 50.0, while buyers remain slightly more pessimistic at 43.7. Sellers, however, expect a slightly more positive trend with a reading of 54.7.

Market ‘on hold’ amid election uncertainty

Inventory levels are notably low, sitting at 46.7, but the overall sentiment is that “all unchanged” conditions prevail. Demand and supply dynamics seem balanced, with no major disruptions anticipated. The overarching mood remains one of “wait and see,” as the market appears to be in a holding pattern until post-election clarity arrives. “