With international scrap prices noticed a deep correction of $40-50/t last month, looks to gain stability in coming weeks, reported market traders.
With extreme sluggish demand in Turkey, economic crisis in Europe, falling steel prices in Asian countries like China, Japan and India last month, prices were under pressure and corrected over $50/t across the globe.
TURKEY/U.S.
“International markets look to stabilize soon, after Turkish mills have started procuring scrap from US and European countries.Last deal heard was at $385/t CFR Turkey for HMS 80:20.Also US scrap sellers are in no rush to sell at lower levels.” said a large importer based in Instambul, Turkey.
SOUTH EAST ASIA:
Scrap prices in Japan and south Korea have also stopped falling as flat demand improves from European countries
INDIA:
After scrap prices corrected more than 12-15% in last one month, importers have shown some interest as Rupee recovered to 55.60 levels against Dollar (lowest was 57.40).
Current offers for HMS 80:20 from Europe are hovering around $405-410/t CFR Mumbai, where as African scrap being offered at $380-390/t CFR Chennai, reported local sources.
Leave a Reply