A nearly fivefold increase in steel prices is driving railcar owners to scrap older railcars, a trend that could continue into 2022, according to railcar manufacturer Greenbrier.
Jay Carter, strategic marketing manager for Greenbrier (NYSE: GBX) estimates that steel prices have risen in recent months from $400 per short ton to $1,900, prompting railcar owners to scrap outdated equipment to take advantage of higher scrap metal pricing.
The metal can be recycled to manufacture steel, either...