Ex-US scrap prices to Turkey and the Far East have stayed relatively stable in the past week.
With the uncertain market situation in the Middle East and North Africa, Turkish mills remain reluctant to purchase scrap aggressively. In the last week, ex-US scrap offers have been in the level of $450 to $460/mt CFR Turkey, reflecting a sideways to slight uptrend from the week prior and a decrease of approximately $35/mt from the beginning of February.
Ex-US scrap prices to the Far East also stayed more or less the same. Ex-US scrap offers to China were at $480 to $485/mt CFR in the past week.
Although export scrap prices have declined when compared to beginning of the month, tight scrap supply and decent domestic scrap demand have prevented US domestic scrap prices from dropping significantly. It is expected that the US domestic scrap prices will go sideways to slightly down in March, depending on grade and region.