Week in Review: Global steel glut, aluminum volatility and more

This week in metals saw notable shifts across recycled metals and base metal markets. Lewis Leibowitz highlighted ongoing consolidation in the recycled metals market, pointing to Chinese steel exports as a key pressure point in global scrap prices. He emphasized that China’s steel overcapacity is flooding international markets, leading to lower prices and undercutting traditional scrap demand, including in the U.S.

Steve Miller reported on pig iron prices, noting a softening market, although it seems to have bottomed out. While Brazilian producers sought price hikes, competitive offers from India have helped U.S. buyers secure better deals. Miller also provided updates on the U.S. ferrous scrap market, where prices increased by $20/gt as industrial scrap generation slows and inventories remain solid.