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The prices of scrap declined significantly in most global markets in March 2024, with European, North American and Chinese markets experiencing the greatest pressure. Simultaneously, the drop in Turkey was minimal, as the market suffered major losses in January and February.
By the end of March, prices had recovered to the same level as at the starting of the month. Most market participants returned to purchases, but growth was limited by insufficient demand for finished products. Most steelmakers are skeptical that steel sales will improve in the short term.
The overall outlook for scrap prices in the Turkish market is ambiguous, as the prospects depend on the state of the Chinese steel market and the competitive supply of billets from Asia. Most market participants expect prices to stabilise.
In March, the North American scrap market was also affected by negative sentiment on the global commodities market and weak demand for steel, but the situation improved at the end of the month and prices bottomed out. Trade was boosted by higher prices for rolled steel and pig iron, but weak Turkish demand still weighed on prices.
In china, domestic prices for heavy scrap in March decreased by $39.5/t, or 9.8%, to $364.82/t. In April, quotations continue to fall. As of April 2, Chinese scrap is estimated at $358.2/t, down 4.5% from the previous week. Prices for raw materials in China collapsed in March amid unfavorable steel market conditions. As a result of the decline in steel prices and, consequently, lower margins, most steel mills are limiting production and reducing capacity utilisation by going into early maintenance or shutting down completely.
This, in turn, affects the demand for scrap. At the same time, the decline in iron ore prices is also further weakening the competitiveness of scrap. Scrap prices in China are expected to remain low in the short term, as most steel companies are still operating at a loss and have accumulated inventories.
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