Ex-Europe scrap prices decline sharply amid absence of Arvedi

Production has been halted at Italian steelmaker Arvedi's Cremona plant due to several accidents which occurred in the past month, resulting in a sharp reduction in scrap consumption in the Italian steel market. In the absence of Arvedi, European scrap prices for Turkey have indicated significant decreases. Meanwhile, a Turkish mill has concluded an ex-Europe booking for 15,000 mt of HMS I/II 75:25 scrap, 15,000 mt of shredded scrap, 10,000 mt of HMS I scrap and 1,500 mt of new cutting scrap at the average price level of $305/mt CFR, which is considered to be quite low.