Last week the majority of Turkish importers ans steel mills became more active realizing that it would be hardly probable to get further significant concessions.
Industry participants anticipate prices to stabilize at these levels and also there is fair chance of prices going up in the month of June and July.
Turkish importers have continued to purchase scrap in view of the attractive asking prices. Moreover, the majority of them have exhausted the stocks. However, the presence of sufficient supply in the market didn’t allow the exporters to use active steps of the buyers. Thus, American suppliers sold several lots of material HMS 1&2 (80:20) at 360-370 $/t cif, that is by 3-7 $ lower compared to a week earlier.
The traders from the EU also have lowered the prices of the basic grade to 360-365 $/t cif. The price of the last transactions for Romanian scrap was 345 $/t cif.
In Indian market importers seem to be keep away from the market as recently imposed customs duty and falling Rupee against Dollar has made imports nonviable at the moment.
Leave a Reply