US scrap offers correct up to $5-10 in last week 

US scarp prices continue to move downwards on
high inventories and poor demand from Turkey, India and Far East Asia. HMS
80:20 is being offered at $ 380/MT CFR Turkey, down by $5-10/MT from last week.

“With falling and volatile steel prices,
US scarp prices have corrected. Weak currency valuation against US dollar has
also made imports expensive in countries like Turkey and India.” said a
scarp trader based in US.

It is also reported that HMS 80:20 being
offered at $ 360-370/MT FOB Ukraine and Russia from Black Sea, though buying
interest from Turkish steel mills are low.

Market experts anticipate prices should
stabilize at current levels as steel mills in Turkey resume buying before Ramadan
holidays, which starts in July.

Indian importers prefer to stay out of the
market, with HMS offers hovering at $410-415/MT CFR Nav Sheva, domestic scrap
is cheaper by Rs 1000-1500/MT, reported sources.