Prices for steel scrap, a key steel making ingredient, rose
on higher demand from Turkish steel producers and rise in Billet and Re bar
prices. Turkey is
the world's largest importer of steel scrap and imported about 20 million tones
of HMS Scrap last year.
Activity in the Turkish market accelerated this week and
price offers for HMS Scrap (80:20) rose by $ 5/MT (CFR) Turkey from about
$465-470/MT last week.
According to Scrap trader based on UK, “We think prices
will go up again next week because people are coming back from their holidays
and some demand still needs to be satisfied”
At the other end, Japan's scrap market has rebounded slightly
recently. Tokyo Steel, the largest electric furnace steelmaker in Japan
announced to hike the purchase prices of scrap for the second time over the
past two months.
At present, Japan's export prices of HMS#2 to East Asia are
at US$465/MT CFR. Dealer said that Japan's scrap export prices were lower than
the US scrap prices in spite of the strong Japanese Yen. It's said that the US
offered the HMS 1&2 (80:20) quoted at US$500/MT CFR to East Asia.
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