November 8, 2024
Now that that is over.
We’ll just leave it at that, and I hope we can find a way to come together for the greater good of our country. But what does that mean for scrap prices going forward? That is a good question and only time will tell. If we look back over the last 20 years, we typically see scrap prices going up in November and that has happened 50% of the time during that time. 83% of the time for December. I am not so sure we see either of those scenarios play out in 2024. It appears that today on the 8th of November we are going to see most steel scrap prices go sideways yet again and see no change in pricing. The only exception at this point may be steel turnings which may lose a little ground. Looking ahead to December, I cannot point to any of the fundamentals that would indicate an increase in pricing. For the Detroit region we are in unprecedented times when it comes to scrap metal prices. There has not been a single month where the price has gone up. The market has either traded sideways or down for 10 months in a row and likely 11. As for 12 months in a row, we’ll wait and see but if I was a betting man I’d put my chips on sideways. There is always next year.
I hope everyone has a Happy Thanksgiving and remember, we’ll be right back here in four more years, and it only makes sense to love our family, friends and country regardless of how they vote.
Ken
