2022 Recap amp 2023 Outlook For Steel amp Iron Scrap Prices

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📈 Check Scrap Prices: https://iScrapApp.com/ - Tom discusses how various international and domestic news affected steel prices across the globe. Read more below 👇 • 2022 Recap • Looking back at 2022, we've seen a roller coaster of prices in the steel markets. Going back to January, we saw the light iron prices in the $160-$200 per ton range. From there, we started to see it slow, an increase that peaked during the month of April, and from there, we saw a steady decline throughout the end of the year. • One of the reasons we saw the prices decrease was possibly recessionary fears coupled with large oil and gas price increases. All of those oil-related things really contributed to the markets, having a large run-up in oil prices and a decline in other commodity prices, with the Ferrous market being hit especially hard in the second half of 2022. • Rotors • Other steel grades, like rotors, had an average between $230 and $300 per ton at year-long averages, and prices peaking back in April 2022 at around $370 per ton. These heavier and higher steel grades will always draw higher prices, and we recommend saving them from cashing in when you have 500 pounds or more in your scrap yard. Going into 2023, this holds true as the grades generally don't have big price differences from year to year because of their grade of steel. • Unprepared #1 • Unprepared #1 prices average between $200-250 per ton throughout the year. Prices in April peaked around $300- 320 per ton, and from there, we started to see the same decline, which would be industry standard across the entire market. • Light Iron/Shred • Many people report prices on light iron and shred material, and while these materials could have a higher price directly to the shredders, they have been one of the more heavily hit markets in the country. We saw prices in October dipping down in some areas to below $40 per ton, even though we started to see a price increase in December. • Outlook • With many recessionary fears still being heavily promoted and possibly already in the middle of it, we do not expect the first half of 2023 to have strong steel prices. With oil still at high ranges and demand looking to wane down as recessionary fears grow, we do not expect manufacturers to be very aggressive when purchasing raw materials. • One of the things that we looked at during the second half of 2022 was the excess inventory that many manufacturing companies had, which means that they overbought material During 2021 and the first half of 2022, which led to an oversupply of their finished goods. With the recession possibly hitting consumers and slowing down their purchases, we expect these markets to continue to be relatively weak compared to 2021 overall prices and even the first half of 2022. • We will continue to update you weekly, but overall we are happy with what we saw in 2022 as an average, even though many months were tough to deal with. • 🚫 MEMBER-ONLY Videos: • Members-only videos • 🎉 Join HERE 👉 / @iscrapapp • 🔒 10-Day Catalytic Converter Price Lock at https://rrcats.com/welcome-iscrap-app/ • 📲 Download Our FREE App for 200+ Scrap Prices • 🍎 For iPhone: https://iscrapapp.com/iOS • 🤖 For Android: https://iscrapapp.com/Android • ⭐️ We Rated the Top Wire Strippers: https://iscrapapp.com/?p=1220874 • 🪛 Best Tools for Scrapping: https://iscrapapp.com/?p=1211029 • 👷🏻‍♂️ Tom's Picks for Best Tools: https://iscrapapp.com/?p=1200735 • 👏 Our Team's Favorite Tools: https://iscrapapp.com/?p=1223058 • 🐱 Want to sell cats? Use RRCats.com • 🎙Listen To Our Podcast! https://iscrapapp.com/podcast

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