The most recent ex-
US scrap transaction price for HSM I/II to
Turkey dipped by about $2/mt since our last report two weeks ago, with the most recent bookings taking place at approximately $368/mt CFR. In terms of shredded
scrap cargos, previous point prices of $375/mt CFR are also expected to decline. Sources close to SteelOrbis, however, think prices could continue to dip in the upcoming weeks, citing
US domestic
scrap prices declining by $17-$20/lt for October buys, along with the general consensus that additional softening is on the horizon for November. “
Scrap flow continues to be good,” according to one East Coast-based source, “but with mill outages and falling production capacity flow is outpacing demand.” Other factors, including ongoing availability of Chinese billet within the Turkish market and a negative forecast for finished steel demand within that market are also at play.