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

"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.