demand settles in for ferrous scrap market
by Brian R. Hook
demand for steel is keeping ferrous-metal recyclers busy
across North America, from small family-owned operations
to large publicly-owned companies.
Exports of ferrous scrap
metal increased 13 percent in 2005 according to numbers
provided by the Institute of Scrap Recycling Industries
Inc., a trade group representing more than 1,200 companies
that process, broker and consume scrap commodities.
The Washington D.C.-based
industry group reported that ferrous scrap metal exports
totaled 10.7 million metric tons in 2005 compared to 9.5
million metric tons the year before. Ferrous scrap metals
are magnetic metals derived from iron or steel.
Bob Garino, director of
commodities for the trade group said demand has been strong
and he expects the upward trend in exports to continue.
He said a lot of the global demand has come from China due
to strong industrial growth. This growth consumes a lot
of resources, including coal, iron-ore and importantly for
recyclers, ferrous scrap.