U.S. Average Monthly Price And Composite Price For No. 1 Heavy-Melting Steel Scrap, With Annual Averages

This table presents the U.S. average monthly prices and composite price for No. 1 heavy-melting steel scrap, a key raw material used in steel manufacturing and recycling industries. The data is reported for three major U.S. scrap markets—Chicago, Philadelphia, and Pittsburgh—and includes annual averages to provide a comprehensive overview of price trends over time. Monitoring these prices is crucial for manufacturers, recyclers, and policymakers as they directly influence production costs, supply chain decisions, and the competitiveness of the domestic steel industry. Additionally, fluctuations in scrap steel prices can reflect broader economic conditions, such as demand for steel products and global commodity market dynamics.

Analysis of the 2023 data reveals a notable decline in average prices compared to the 2022 annual average composite price of $387.67 per metric ton. The 2023 composite average dropped to $339.22 per metric ton, representing a decrease of approximately 12.5%. Prices peaked in March 2023, with a composite price of $388.57 per metric ton, closely matching the previous year's average, but then steadily declined through mid-year, reaching a low of $303.33 in July. Prices showed some recovery towards the end of the year, rising to $360 in December. Among the three markets, Chicago consistently reported the highest average monthly prices, with a 2023 average of $343.33 per metric ton, while Philadelphia had the lowest at $336.67. This trend highlights regional variations in scrap steel pricing, which may be influenced by local supply-demand conditions and transportation costs.