JULY 2024 – Market Update
Ferrous Market
Instead of an anticipated surplus of domestic scrap, the mills faced a market where scrap demand and surplus supply were pretty much in balance. Prices for shredded, P&S, and HMS quickly settled at sideways levels in all regions in the country. Which is good news as the expectations amongst the markets were that ferrous scrap prices, especially for prime scrap, would probably continue to fall during the slower summer months of July and August.
Non-Ferrous Market
June markets in copper, aluminum, and nickel return to some semblance of normal after the speculators caused huge fluctuations in May. During this time of year, historically, we are experiencing reduced demand for copper, aluminum, and nickel-based scrap materials. This decrease is likely to be temporary.
Domestic mill demand remains soft amid adequate scrap supplies. July’s scrap metal market across the US, and the strong-side ways market is also signaling we may have found the market floor.
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