Scrap steel prices are down

 Scrap steel prices are down and could drop more.

 The United States will remove Section 232 tariffs affecting steel imported from Japan starting April 1. The countries announced Monday that the tariffs will be removed from 1.25 million metric tons of steel produced in Japan. This could mean a drop in scrap steel prices.

Market Prices depend on a few variables

Industry needs - This is a simple case of supply and demand. If there is a small need for materials for manufacturing then you can expect steel prices to drop. But if the need for new manufacturing, or construction the need for supplies rises along too.

International trade - When foreign countries that import a lot of scrap steel slow down their imports, you can bet scrap prices will surely drop. And when those same countries run low on steel and their supply and demand go up, then scrap steel prices will rise up too.

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