Current Steel Scrap Prices, 2024

Just like all other metal scraps, the steel scrap market is also considered to be of high value. The fluctuations in the prices of steel scrap can be seen due to supply chain disruptions, geopolitical tensions, and shifts in domestic and international demand. Many economic and environmental factors also impact the prices of steel scrap prices in the market. 

As the industry is moving towards sustainability and decarbonization, the market is expected to have an increased demand and high prices of steel metal scrap. We are here to give you all the latest information on the current steel scrap market so you can stay informed of the ongoing trends and market dynamics.

Metal/Material	Prices
Steel	$100/GT
Light Iron	$100/GT
Cast Iron	$170/GT
Brake Rotors	$200/GT

Steel is required in many industries and recycled steel scrap can also be used for the same purpose. Some key factors influence the prices of steel scrap in the market:

Geopolitical Tensions and Supply Chain Disruptions

There is geopolitical instability in the country especially if we talk about the Middle East region. It has caused an impact on the global supply chains, including the steel industry. So now due to the supply chain disruption, if the demand for steel and steel scrap increases, the prices will rise too. you can also check “scrap metal prices for NY.

Domestic Demand and Industrial Activity

Steel and its scrap are mostly used in the construction sector and automotive manufacturing. These industrial activities influence the domestic demand for steel throughout the US. In 2023, the strike of United Auto Workers (UAW) contributed to lowering the steel demand. 

This also influenced the prices of steel scrap. Now that the strike has been resolved, the industries are returning to normal operations. Moreover, the demand for steel scrap is expected to increase in the market and steel industry.

Decarbonization Efforts

The US steel industry is moving towards global decarbonization efforts. The government is encouraging and contributing to this cause. In addition, there have been significant investments in the technologies expected to help us in reducing carbon emissions.

The steel industries are shifting towards electric arc furnace (EAF) steelmaking. This type of steelmaking heavily relies on steel scrap. Hence, there is a more likely chance that the demand for high-quality steel scrap will increase in the market. The government also supports this by providing funds and incentives to promote sustainable industrial practices.

Market Speculation

The steel market also plays an important role in controlling the pricing of steel scrap. If there are rumors of industrial slowdowns and falling prices, the steel scrap prices are directly influenced by that. 

However, a positive sentiment with optimistic expectations for the future steel industry can help bring the steel scrap prices back to normal. The market trends of Aluminum Scrap are also affected by the Steel Scrap market.

Variations in steel scrap prices can be seen if we move from one region of the US to another. This reflects the local market condition, demand of mills, and supply availability.

Price Variations on the East Coast

When we talk about the East Coast of the US, you can see that the prices of steel scrap are higher. This is mainly due to the proximity of the East Coast to the export market and industries. 

The prices for various steel scrap grades are showing stability such as #1 Busheling and Shredded Auto Scrap and #1 Copper Tubing Scrap. However, due to international demand, fluctuations in the prices of steel scrap are expected.

Price Variation in the Midwest

The Midwest is considered to be the home of the US steel industry. The prices are affected by the domestic mill demand. The competition from other regions also matters. The prices in the Midwest have shown stability till now as of 2024. Whereas, the fluctuations are expected due to the changing market conditions.

Price Variations on the West Coast

All the export activities highly influence the West Coast market. There are some changes expected in the prices of steel scrap, however, the current trend remains stable. The price change in the future can be mainly due to global demand shifts and international market conditions.

The steel scrap is mostly used in the steel industry for steel production. The steel scrap is melted down and used to produce new steel. The steel scrap is recycled and used in construction. The structural components such as beams, columns, and girders are made of steel. These components are used to make industrial buildings, skyscrapers, and other large structures.

Moreover, steel scrap is also used in the automotive industry in the manufacturing of body panels, frames, and other structural parts. It is also used in the manufacturing of home appliances such as refrigerators, washing machines, and ovens. It is required in the railway industry to make rail tracks and related infrastructure. The recycled steel scrap is also used to make metal artworks and sculptures by many artists.

The outlook for steel scrap prices in 2024 looks optimistic. As the overall market condition is changing continuously and industrial strikes and geopolitical events also take place, the prices of steel scrap have a direct influence because of these factors. 

Short-term outlook of the steel scrap industry

If we are to talk about the near future, the prices might experience a downfall. This is because of the ongoing uncertainties in global markets and reduced industrial activity. However, this is only expected to last for 3 to 4 months. Over the next six months, the market is expected to stabilize. And the prices of steel scrap are going to increase.

The long-term outlook of the steel scrap industry

On the other hand, if we talk about the long-term outlook of the steel scrap market, many industry analysts have predicted a positive outlook. The demand for steel scrap in industries will increase and the economy will move towards sustainability. Ongoing decarbonization efforts and potential improvements in global trade conditions will also have a positive impact on steel scrap prices in the industry.

There are certain challenges that you might have to face in the current market condition of steel scrap. Due to stricter environmental regulations and rules, industries are expected to reduce carbon emissions. This can lead to increased cost of production as the industry is moving towards advanced technologies to reduce carbon footprint.

There is competition in the market as there are many substitutes for steel available for construction and manufacturing. Aluminum and composites can reduce the demand for steel and steel scrap. The steel market is facing the same challenges that the Current Catalytic Converter Scrap market faces. The Fluctuation in Current Catalytic Converter Scrap Prices badly affects its market.

The current steel scrap market has a complex landscape marked by both challenges and opportunities. While short-term fluctuations in prices of steel scrap are expected due to ongoing uncertainties, the long-term outlook promises stability. The demand for recycled steel scrap will increase in the domestic and international markets. The ongoing efforts to decarbonize the steel industry will play an important part in the overall stability of steel scrap prices. 

Keep track of the current market trends as they always show you the alignment of future trends. You can find all the latest information on the industry by visiting our website as we always try to provide you with valuable insights that can benefit you in this industry.