US Scrap Market Stable in November as Election Looms and Supply Pressures Ease

SEATTLE (Scrap Monster):  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.

Courtesy: www.fastmarkets.com