SteelOrbis has been informed that the local price levels for ex-Turkey HRS in the UK market are standing at £435/mt ($649/mt) ex-warehouse, excluding VAT; while UK mills are offering HRS to the local market at £450-470/mt ($671-701/mt) delivered to customer, excluding VAT. All prices are for 60-day deferred payment, on actual weight basis.
Demand in the UK market is still at low levels. Buyers have not returned to the market yet, while the tightening of bank credits has been creating difficulties as regards payment terms. However, it is also observed that the price decline movements have lost speed and now appear close to the bottom point.
HRS price levels for stocks in this country have fallen by £30/mt compared to last week. Meanwhile, ex-Turkey import material prices have declined by £35/mt on average compared to last week.
£1 = US$ 1.491