US domestic ferrous scrap market prepares for downtrend in April

Ferrous scrap market participants in the United States are steeling themselves for the likelihood of a pricing downturn in April, due to a multitude of uncertain economic and geopolitical conditions threatening the market outlook.

Domestic steel mills successfully limited the pricing upside during the March trade - unanimously holding their ground on a $10-per-gross-ton increase on prime scrap while keeping obsolete scrap prices unchanged.
Even before the March negotiations were over, mills were already "throwing ice water on the April market," cautioning dealers that the unstable market conditions could potentially cause scrap prices to decline by $20-$30 per ton in April.
"Between the coronavirus and the stock market, nobody wants to own scrap right now. We are cutting our ferrous inventory by 14,000-18,000 tons, and we are also reducing our non-ferrous inventory," a seller in the Midwest said.

This Midwest seller is not alone, as many other sellers across the country...

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