European scrap offers up by $5-10/t on improved buying from Turkish steel mills

Offers for ferrous scrap to
Turkey moved up to US$ 440-450/MT CFR Turkey due to improved buying interests
from the Turks.

According to a market
participant, “Turkish importers are opting for higher priced offers as European
markets are gaining momentum in the global ferrous scrap market with increased
demand.”

Around six cargoes were being heard
sold on Tuesday, with more fresh enquiries coming to the market on Wednesday, market
participants said. A mixed cargo containing 6,000 MT of HMS 1&2 (70:30) and
HMS 1&2 (90:10), 16,000 MT of shredded scrap was sold at an average price
of US$ 449/MT CFR to a mill in the south Turkey.