Sudden U-turn in scrap markets is seen this month

Sudden U-turn in scrap markets is seen this month

As mills are back from their holidays and the holiday season is over in Europe, the scrap demand has started to increase in the markets. Supply from Black sea is still low compared to previous years and the increase in international demand coupled with increase in domestic demand in Russia, is pushing scrap prices upwards. During the last couple of weeks, the Black Sea scrap prices hiked by $3-5/mt, and further upward movement looks pretty likely.