This is a culmination of factors that could go on for a while. China hasn't eased the import rules for dirty products such as Zorba, PVC cables etc. The trade war hasn't been good for any recycled commodities. Turkey has had trade bans imposed which is another major scrap importer from North America.The steel price itself has been smashed and isn't looking good going further into 2019. LME scrap steel price shows a high of $341/tonne in November to $285/tonne this week. Good trade for the shorts covering positions but would be wary holding.
This is a culmination of factors that could go on for a while....
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