Scrap Prices North America
January 15, 2021
CRU: Asian Demand Spike Causes Global Metallics Price Increase
Written by Ryan McKinley
By Senior Analyst Ryan McKinley, from CRU’s Steelmaking Raw Materials Monitor
The CRU metallics price indicator (CRUmpi) increased by 8.3% m/m in May to 370.7. Following China’s removal of a VAT rebate for steel exports, scrap markets in Asia surged. This momentum carried over to Turkey, where scrap import prices rose substantially m/m, although upward price movements were much more limited in the U.S., Europe and Russia. However, ore-based metallics prices did spike in these latter three markets—especially pig iron.
