US & Mexico Weekly Scrap Report (September 1, 2023)

Executive Summary

USA MARKET COMMENTARY

1. 2024 UNDER PRESSURE: Extrusion scrap discounts may widen for 2024 biz.

2. STAYING WIDE: UBC discounts are expected to remain around... cent/lb for H1 2024.

3. DOWNWARD PRESSURE: US scrap wheels demand slowing as uncertainty about potential UAW strike lingers.

MEXICAN MARKET COMMENTARY

NOT MUCH CHANGE
Domestic UBC demand and collection weakness continue, export demand providing some cash-flow support.