Overseas demand for Japanese ferrous scrap is likely to recover in 2023, while stronger domestic consumption and slower scrap generation in the country limit availability for exports.

A year ago the spread was $1,058/st as HRC prices were plunging from record-high levels.

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Finished Import Market Share YTD at 24%

In the week ending on December 31, 2022, US domestic raw steel production was 1,602,000 net tons while the capability utilization rate was 71.8 percent.

Elevated production costs for Turkish producers amid low scrap availability and less slab purchasing options.

In November alone, production of finished steel reached over 1.82 million tonnes.