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Steel Scrap Price Trend and Forecast
Steel Scrap Price Trend and Forecast
Steel Scrap Regional Price Overview
Get the latest insights on price movement and trend analysis of Steel Scrap in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Steel Scrap Price Trend for the Q1 of 2024
| Product | Category | Region | Price | Time Period |
| Steel Scrap | Energy, Metals and Minerals | Europe | 422 USD/MT | March2024 |
Stay updated with the latest Steel Scrap prices, historical data, and tailored regional analysis
Steel Scrap Price Trend for the Second Half of 2023
| Product | Category | Region | Price | Time Period |
| Steel Scrap | Energy, Metals and Minerals | China | 307 USD/MT | July'23 |
| Steel Scrap | Energy, Metals and Minerals | China | 235 USD/MT | December’23 |
| Steel Scrap | Energy, Metals and Minerals | USA | 325 - 365 USD/MT | December’23 |
Stay updated with the latest Steel Scrap prices, historical data, and tailored regional analysis
Steel scrap prices were observed to be oscillating throughout the said period of H2’23. Prices mostly varied in different regions as the variations in feedstock costs and downstream demands determined the pricing situations in global markets. In the Asian steel scrap markets, China noticed a decline in prices attributed to a significant surge in the supply dynamics.
Steel Scrap Price Chart
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This led to the monthly average prices falling from around 307 USD/MT (CFR, China) in July to about 235 USD/MT in December’23. Similarly, the American markets moved swiftly with both-way movements. The monthly average prices here went from about 325 USD/MT (FOB, Heavy Melting Scrap) to around 365 USD/MT (FOB, Heavy Melting Scrap) in December’23. The European market, on the other hand, saw their monthly average prices climbing during the given period. High upstream costs because of import dependence and freight disturbances in the global markets pushed the prices up for steel scrap.
Analyst Insight
According to Procurement Resource, the Steel Scrap prices are expected to vary in the coming months as well, since the downstream demands will continue fluctuating going forward.
Steel Scrap Price Trend for the First Half of 2023
The market of steel scraps faced a consistent decline in the first two quarters of 2023 in China due to weak demand from global industries and an influx of cheap imports from other Asian countries and Russia, which increased the competition, and the domestic traders had to reduce their price quotations.
The US markets of steel scrap also suffered from the same challenges as the low rates of procurement from the downstream sectors, which led to the rise in the level of inventories.
During the initial months, the market performed steadily as the positive momentum of the prices was supported by the revival of construction activities, which was evident in its price figures that suggest that heavy melting scrap prices (FOB) rose from approximately 380 USD/MT in January’23 to 448 USD/MT in Mar’23. However, the negative effects of the downward trend of the end-user sectors in the second quarter led to the downfall of the trend to 352 USD/MT in June’23.
Analyst Insight
According to Procurement Resource, the price of Steel Scrap is estimated to grow steadily in the upcoming months as the demand and revival of global markets are expected to support the rise in the prices of steel scrap.
Procurement Resource provides latest prices of Steel Scrap. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
About Steel Scrap
Steel scrap or scrap is the product produced by re-using steel scrap generated from steel manufacturing processes. It can be remelted over and over endlessly to make new products such as automobiles, rail coaches, ships, white goods, construction products, machinery, electrical and electronic equipment, as well as packaging material.
Steel Scrap Product Details
| Report Features | Details |
| Product Name | Steel Scrap |
| Industrial Uses | Used for manufacturing various goods, including home furnishings from metal beds to office equipment, steel lamps and steel tables, white goods, vehicles, electronics, machinery, and packaging, among others. |
| Synonyms | Scrap metal, Metal Scrap, Ferrous Scrap |
| HS Code | 72044910/ 72044900 |
| Supplier Database | EVRAZ North America, China Steel Corporation (CSC), American Iron & Metal Company Inc., OmniSource, LLC, Hyundai Motor Company, TSR Recycling GmbH & Co. KG, European Metal Recycling Ltd., Innovative Metal Recycling, SA Recycling LLC, Schnitzer Steel Industries, Inc., Ward Recycling Ltd, Inc. |
| Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Methodology
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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