U.S. ferrous scrap prices for March are likely to
settle early next week but the market is still unsure of price direction. Different mill and scrap yard owners have different forecasts on the future outlook of the ferrous scrap market.
“We expect markets to shake out later this week. We
would not even surprise if the bulk of the trade doesn't take place until next
week. Most grades will see little movement, but prime grades could show some
renewed strength”, a market source said.
Further, The U.S. steel long products importers are
seeing the pressure from rising scrap prices in Turkey. They are cautious to
take next step over the price direction for ferrous scrap to Turkey in March.
Rise in ferrous scrap prices has prompted Turkish Re
bar suppliers to raise their prices by US$ 10-20/MT.
According to an importer based in US, “Uncertainty
over domestic scrap's March direction in light of higher Turkish tags is
keeping most would-be buyers at bay.”
“Business is already difficult and the question
is what will happen to scrap going forward. We have no idea. That's when you
have to read the tea leaves.” he added
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