Monthly Raw Steels MMI® Falls, US Scrap Prices Finally Succumb

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As we pointed out last month, steel prices were exposed to a short-term correction as global commodities were falling in the face of a rising US Dollar.

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In October, steel prices kept falling. However, the most significant drop wasn’t in steel products this month but in US scrap prices. As Steel Insight Editor James May explained recently: “Iron ore and coal have slumped this year, but for an extended period US scrap prices stayed high reflecting strong demand. Yet, the US is not immune from global trends. It is a net exporter of ferrous scrap and as US prices stayed high while international prices fell, US exporters were unable to sell to overseas markets.

 

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