August 2024 – Market Update
Ferrous Market
Prices are showing modest improvement in all regions, and ferrous scrap sellers are expecting a similar scenario to play out in August. Mils did not issue end-of-month cancellation orders on unshipped scrap, which is a positive. Some indicated that many mills did not cover their needs in July and are entering August in a more vulnerable position. The scrap recycling industry has been experiencing inefficient trades, declining prices, and rising equipment and labor costs, emphasizing the need for a reset to achieve profitability.
Non-Ferrous Market
Non-ferrous metals such as copper, aluminum, and stainless steel have seen a significant decrease in prices over the past month. This drop is due to the slowdown in the Chinese economy, supply and demand imbalances, a strong US dollar, and current geopolitical tensions in the US. Prices for copper, aluminum, and nickel have all fallen by at least 10% in the last 30 days, resulting in lower scrap metal prices for this month.
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