Steel Market News: East coast braces for Hurricane Florence and what potential impacts the storm could have on the steel industry.
As the east coast braces for the impact of Hurricane Florence we wishing and hoping that everyone who lives in the area stays safe. About 8% of the U.S. total steel capacity comes from mills in the path of the storm so we will have to monitor potential effects on the market in that area. At the very least a storm of this magnitude presents significant supply chain disruption.
In other industry news, it sounds as falling scrap prices may be influenced by trade tensions involving Turkey. In our last Market & Metals update, we covered the doubling of steeling and aluminum tariffs against Turkey. They are the largest importer of scrap in the world but recently have been turning to more domestic production based on more competitive pricing. With all the political uncertainty surrounding this market the outlook for the rest of 2018 remains cloudy. You can stay in the conversation right here though and follow for updates on the national scrap metal market and global steel news.