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The US Regional Ferrous Scrap Model

In: Trade, Networks and Hierarchies

Author

Listed:
  • Frank Giarratani

    (University of Pittsburgh)

  • Gene Gruver

    (University of Pittsburgh)

  • Craig Richmond

Abstract

The U.S. regional ferrous scrap model developed at the University of Pittsburgh is capable of simulating price interactions at a significant degree of geographic detail. In this model, estimates of the supply and demand for ferrous scrap in hundreds of local markets are used to estimate a set of equilibrium prices. The model can be used to simulate the impact of market changes such as new plant locations or transport rate adjustments on regional scrap prices. The analysis involved is based on realistic modeling of regional price interactions as well as careful attention to metallurgical relationships. The capability of the model provides a linkage between basic supply and demand conditions and an extensive network of regional scrap prices. Modeling simulations can be used to map price gradients across the United States based on very small county-based regions, providing useful information on spatial price differences.

Suggested Citation

  • Frank Giarratani & Gene Gruver & Craig Richmond, 2002. "The US Regional Ferrous Scrap Model," Advances in Spatial Science, in: Geoffrey J. D. Hewings & Michael Sonis & David Boyce (ed.), Trade, Networks and Hierarchies, chapter 9, pages 159-175, Springer.
    • Handle: RePEc:spr:adspcp:978-3-662-04786-6_9
    DOI: 10.1007/978-3-662-04786-6_9
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    Cited by:

    1. Qu, Xiuli & Williams, Julie Ann Stuart, 2008. "An analytical model for reverse automotive production planning and pricing," European Journal of Operational Research, Elsevier, vol. 190(3), pages 756-767, November.
    2. Tatiana Ivanova & Violetta Trofimova & Alexandr Kalitaev & Dmitry Stepanov, 2018. "Mathematical Modelling of the Price Range in the Procurement of Ferrous Scrap by Metallurgical Enterprises," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(1), pages 137-149.

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