Tuesday, June 07,
Steel scrap prices in international market moved up by $20 in the first week of June on some booking of orders from US mills to secure supplies for next two months.
However, it has been reported by Steel and Market Update that approximately 8 cargoes (approx. 350,000 metric tons) of mixed scrap grades, have been booked to Turkey at higher prices than at the beginning of May.
Price of Heavy Melt (HMS) was $420 per long ton in the Midwest and $410-$415 per long ton on the east coast. Shredded Scrap in the Midwest and east coast was consistently $455 per long ton.
Globally, Turkish and US scrap metal prices witnessed steady gains with shredded metal prices reaching US $470 per tonne with lower quality material traded in US $440 per tonne. Scrap booking prices rose by US 21/ tonne between the third and fifth week of May on stronger than expected steel demand in Turkish market and recovery in exports to Egyptian markets. Fear of tight supplies contributed to rise in scrap metals prices in US domestic market.
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