How much further will scrap prices increase?

Following the increased activity observed last week in terms of deep sea scrap, the Turkish scrap market is continuing to show signs of liveliness this week as well. Producers present in the market for purchases on any given day are unable to find the price levels which had been current on the previous day. Moreover, the prices quoted by the sellers are also increasing. HMS I/II 60:40 scrap ex-Europe, which was booked at $280/mt CFR Marmara last week, has been booked at a level of $287/mt CFR Marmara this week. Moreover, the offer levels for this scrap have reportedly increased even further today and reached $289-290/mt CFR levels. Offer levels for shredded scrap ex-deep sea, lately booked at $305/mt CFR, have reached $307/mt CFR. The offer levels quoted in the market are reported to be increasing day by day. Today's offers are at the following levels:

Shredded scrap ex-US                 : $305-307/mt CFR Turkish ports
HMS I/II 80:20 ex-US                 : $300-302/mt CFR Turkish ports
HMS I/II 60:40 ex-Europe             : $289-290/mt CFR Turkish ports
A3 scrap (mix cargo) ex-Baltic Sea   : $307-310/mt CFR Turkish ports
A3 scrap ex-Black Sea                : $298-302/mt CFR Turkish ports
Algerian scrap                       : around $275/mt CFR Turkish ports
HMS I/II 70:30 ex-Israel             : around $275/mt CFR Turkish ports 

The fact that the long product markets are strong and that there is no expectation of a slackening in scrap prices in the short run creates the impression that offer levels may increase further.