2024 Steel Price Outlook

The Sahd Metal Crew is out with the first of our 2023 scrap metal price outlooks, starting with steel. Will the New Year continue the tradition of strong pricing in the first half of the year?
Scrap Steel Market: Déjà vu in 2024? Explore the intriguing patterns of the scrap steel market as we analyze the trends from 2022 to present. Last year, prices peaked in April, declined steadily, and experienced a late-season uptick in December. This positive momentum carried into 2023, with prices rising to a new peak in March and April, albeit at a lower rate. Following a decline, late 2023 witnessed another bounce, marked by a $30/ton increase in HMS and a $50/ton jump in busheling in December. The factors contributing to this late-year surge include disruptions from the Auto Worker’s strike, scheduled shutdowns, and tightening supply, indicating potential strength in the new year. However, macroeconomic factors and increased mill capacity pose uncertainties. Will 2024 mirror the déjà vu trends of the past? Stay tuned for insights into the evolving dynamics of the scrap steel market! #ScrapSteelMarket #MarketTrends #DéjàVu2024″