ISRI: Ferrous Scrap Industry Looks Forward to a New Normal

Looking ahead, the ferrous scrap market is expected to be supply-driven in June.

SEATTLE (Scrap Monster): The Spotlight on Ferrous webinar on May 14^th, organized by the Institute of Scrap Recycling Industries (ISRI) noted that the ferrous scrap industry underwent a great deal of change in the initial quarter of the current year and is facing a new normal.

In response to Covid-19 pandemic, the average U.S. ferrous scrap prices witnessed strong down move from March to April. However, recoveries were seen in prime grades and obsolete scrap grades in the month of May this year. For instance, No.1 busheling could recoup much of what it had lost in March and April. The prices of busheling are only around $18 per ton lower when compared with the previous year levels. Meantime, obsolete scrap grades recorded steeper declines.

Looking ahead, the ferrous scrap market is expected to be supply-driven in June. The market will depend a lot on restart of auto plants and steel mills after lockdown restrictions. ISRI expects the plants to reach nearly 60% of the normal operating rates by end-June.

The webinar was moderated by Brandi Harleaux, chief operations officer at Houston-based South Post Oak Recycling Center. Blake Hurtik, an editor at Argus Media, and Joe Pickard, chief economist and director of commodities at ISRI were the speakers.

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