The summer steel can recycling market has been somewhat stronger than might be expected. Ferrous scrap prices went up about 10 dollars per metric ton in August, reflecting low inventories in some regions of the country and continuing strong export demand. This continued a summer-long trend. Even though domestic steel production output dipped as a result of usual summer mill closures for vacations and maintenance, scrap shipments were steady. Recent economic reports suggesting improved industrial growth in the last four months of the year have brought some smiles to the faces of steel makers. Scrap market prognosticators are fairly upbeat about future conditions, given that global steel production is on pace to set an annual record and U.S. output should end up about 5 percent ahead of the 2002 level.
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