Scrap prices, still on their rising trend, are this week observed to have increased from last week's booking levels.
Price increases in the local
US market, where an initial rise of $50/mt was seen, have triggered increases in the global markets. In
Turkey, the price of ex-
US HMS I/II 80:20 material, which was at $455/mt CFR last week, has reached the level of $462/mt CFR in a booking concluded early this week. It is heard that new offers are above $465/mt CFR. In the
Far East, ex-
US scrap prices are seen at above levels of $500/mt CFR.
A3
scrap ex-Black Sea is heard to be offered at levels of $455-460/mt CFR
Turkey.
With no offers currently heard, the European suppliers, who have been out of the market due to the Easter holidays, are expected to revise their offers in line with the increases in the global markets after returning from their holidays.
Having been away from the
scrap markets for a long time, the Chinese producers are nowadays expected to start
scrap purchases. In the event of strong demand from
China, the
scrap markets are expected to retain their strength in the short term.