Scrap Prices Poised to Jump in March; Pig Iron a Casualty of War?

Steel Market Update sources expect ferrous scrap prices to rise by at least $30/GT, and probably more, in most regions next month, following substantial declines in January and February. On the metallics front, mills around the world are watching anxiously to see how the conflict in Ukraine will impact pig iron supplies and prices.

“The price drops early in 2022 dramatically stunted the inbound flow of scrap into dealers’ yards. Scrap inventories across the dealer system are very low. Dealers have had no choice but to begin raising prices in anticipation of an up market next month. But inbound flows have not improved much in response, as suppliers wait to see if there will be more upside,” one scrap exec in the Northeast said.