9-15-2024
To the Loyal Customers of Kimmel Scrap,
As I am writing this newsletter, I am cognizant of the comments being published regarding the constant import and dumping of Chinese Steel in the United States. Almost every industry is impacted by the flood of foreign cheap steel. An article in this week’s Wall Street Journal discusses how the steel hanger business has been decimated by foreign steel and how the number of hanger manufacturers have either left US soil or have closed completely
We expect to see approximately 35 steel producers have maintenance shutdowns between September and the end of November. Due to the slowing manufacturing in the U.S. people do not expect to see a measurable drop or increase in steel prices. Many believe we have reached the bottom of the downward price cycle for now. In this year alone we have seen Hot Roll Coil prices from January 2024 till September go from $1100 to $670. All of these actions in the new steel market have a direct correlation of domestic scrap metal prices.
If you have any questions, comments or concerns regarding any aspect of what we do here, please do not hesitate to contact us. We all enjoy hearing from you.
Wishing you all a safe fall season.
Robert Kimmel
President/CEO
