US domestic ferrous
scrap prices likely to increase in the coming weeks as market sources feel that
prices have bottomed out.
A steel manufacturer
predicted, “It is being heard that scrap is going to be strengthening. Scrap may
jump by as much as $40/MT early next week. Further, offers should stay flat this week.”
Reportedly, HMS (80:20)
offered at $330-335/MT and shredded scrap is at $340-345/MT delivered to western
mills, after increasing $10this week. It may increase further in the first week
of August on the back of improving demand.
Meanwhile, US scrap
export offers is hovering around $345-350/MT FOB East Coast for HMS (80:20) and
$350-355/MT FOB East Coast for shredded scrap.
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