Industry News

Supply tightness, Turkish demand buoying US ferrous scrap market: Schnitzer CEO

Views : 142
Update time : 2023-04-06 18:55:02
Bullish sentiment within the US ferrous scrap market should persist this year, following four straight months of domestic price increases, due to tight supply conditions and strong export demand, Schnitzer Steel CEO Tamara Lundgren said April 5.
Lundgren said greater export opportunities are highlighted by scrap demand in Turkey for steel rebar production as the country looks to rebuild infrastructure following the February earthquake.

"Recently, the Turkish government announced the country's need for 5 million mt of steel to support those efforts in the Iskenderun region, which implies a need for around 6 million mt of ferrous scrap," Lundgren said during Schnitzer's earnings call with analysts for its fiscal second quarter ended Feb. 28. "We expect that, even accounting for Turkish domestic scrap generated by earthquake cleanup activities, Turkey scrap imports should rise materially to meet this need."

Domestically, scrap and rebar demand should also be supported by projects tied to the US Bipartisan Infrastructure Law, she added.

Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11