Guotai Junan Futures: Potential Expectations for the Scrap Steel Industry in 2024
Driven by the stable recovery of terminal demand in the industrial chain and the growth of structural demand in the downstream, there may be marginal improvements in the demand for scrap steel, and its price center may have the possibility of orderly upward movement under the multiple effects of demand guidance and the restoration of scrap-to-iron ratio. However, considering the potential constraints on the continued expansion of scrap steel demand, next year's potential for scrap steel supply still exists, and the sustained mismatch between supply and demand for scrap steel may lead to limitations in its price. The core price range of spot scrap steel (e.g. heavy scrap) in 2024 may be 2700-3500 yuan/ton.
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