The global economy weakened further in the third quarter, particularly in the Eurozone which is facing a renewed recession. The German economy, which has the greatest weight in the monetary union, is suffering from a sharp decline in industrial activity as well as weak construction levels (...)

• China’s recycled steel usage down by 2.9%
• Turkey’s overseas recycled steel purchases reduced by 22.9%
• EU-27 still world’s leading recycled steel exporter

• Scarcity worsens for yard infeed
• Interest rates, inflation and energy costs impacting recyclers
• Short-term outlook suggests softer prices for recycled metal

• Fall in interest rates needed for recycled steel supply to normalize
• Relatively stable Turkish market for recycled steel
• India very active in market for shredded in containers

• Summer doldrums turn into autumn doldrums
• UAW strike has minimal impact thus far on recycled steel markets
• Lower recycled steel inventories appear in balance with limited mill demand

• Firm domestic market for recycled steel
• Four consecutive months of export growth
• Steelmaking impacted by summer production cuts