US scrap trends outlook: November 2024
What is the outlook for the US ferrous scrap market?
- The US ferrous scrap trend indicator remains stable at 53.5 in November
- This translates to an expected 3% rise in scrap prices through the month
- The market consensus is high at 62%, with both buyers and brokers at a neutral 50.0 while the more positive sellers scored 60.4
- The market remains generally stable but election results could bring more uncertainty
US scrap market stable in November as election looms and supply pressures ease
The US ferrous scrap market outlook for November remains stable, with the trend indicator at a moderate 53.5, signaling expectations for modest price increases through the month. That translates to an expected 3.0% price rise in November, signaling a continued balance in supply conditions. The looming presidential election appears to have influenced the immediate pricing dynamics.
Sellers remain most optimistic
The overall consensus is high at 62%, suggesting a reasonable level of agreement among market participants about the direction. Buyers and brokers hold neutral stances, each posting a reading of 50, while sellers indicate a slightly more optimistic outlook with a reading of 60.4, suggesting stronger anticipated demand on the selling side.
Post-election uncertainty
This market stability may persist unless unexpected shifts arise from post-election policy changes or sudden supply chain interruptions, making the end of the year an uncertain but potentially stable period for scrap prices.
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