On June 26, SteelOrbis reported that ex-EU offer prices on containerized shredded scrap had firmed up to $380-385/mt CFR. Since then, sources inform SteelOrbis that offer prices softened as low as $375/mt CFR for containerized shredded scrap through the first week in July. In the second week of July, a source noted that some vendors are attempting a slight increase from that level to above $380/mt CFR, but that such a trend is unlikely to hold, especially given the latest Turkish scrap buying deals that influenced global scrap prices slightly downward.
Scrap buying prices are considered too high by importers given the downtrend in steel prices, especially billet in both the domestic and export markets. A source noted that billet prices to key customers in Nepal and surrounding regions of India have declined by up to $10/mt compared to deals a month ago.