US' Schnitzer Steel expects scrap market to strengthen in 2020
13 Jan 2020 15:13 reported by Andrew Zhang
US' Schnitzer Steel said scrap prices tended to normalize in the second half of 2019, supporting an increase in scrap trading starting in 2020.
In the three months to November 30, scrap sales prices hit a multi-year low. Schnitzer expected that US steel producers will continue to increase their use of scrap.
By 2022, EAF steel production was expected to grow to 75% of total US steel production. The use of recycled materials in metal production can significantly reduce carbon strength, a trend that has been recognized by steelmakers in the US and around the world.
As the expected increase in scrap demand in the US, Schnitzer was committed to expanding its customer base and increasing its sales, hoping to increase its annual scrap production to 5 million long tons.
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