The picture for U.S. steel isn’t looking great in July as raw steel out put is down while the scrap steel market wallows.
U.S. steel continues to suffer in the summer of 2019. While raw steel output drops over the last few weeks, the scrap metal market again slides to a new low for the year.
The price for scrap steel fell slightly more than last month as going into July 2019 the market was down over 1.5%. Sitting at just over $164 per ton, the value of crushed automobile scrap steel is now almost 15% down for the year. While the average scrap price drop was just $3, compared to the same time last year is nearly 24% lower.