The start of last year’s fourth quarter continued to be dominated by China’s strict zero-COVID policy and the global cycle of interest rate hikes by major central banks. Key economic indicators confirmed a decline in manufacturing output and the International Monetary Fund cut its economic growth forecast for 2023 to 2.7% - the lowest number since 2001 when ignoring the financial crisis of 2008 and the COVID-hit year of 2020 (...)

• China’s steel scrap usage down 6.7%
• Turkey’s overseas steel scrap purchases fall 10.5%
• EU-27 regains leading position among steel scrap exporters

• Scarcity of yard infeed still affecting many merchants.
• Stronger demand for secondary raw material in recent days
• Financing and letter of credit issues for exported material

• Ferrous scrap dealers end seven months of price decreases
• Availability constraints help fuel price gains
• Economic headwinds not enough to stall Q1 restocking

• Domestic ferrous scrap prices remain at very high levels
• Ferrous scrap exports hit 11-year low in 2022
• Crude steel production falls below 90 million tonnes last year