World prices for scrap metal are stopped at USD295-305 per ton

Last week (September 17-24), prices for ferrous scrap on the world market were in a wide price range - USD 295-305 / mt CIF for HMS 1 & 2 (80:20). This corresponds to the level of the previous week.
American traders tried to raise the cost of raw materials amid growing demand and prices in the domestic market, but this was hampered by weak demand in key sales markets. Despite the weak interest, the suppliers of ferrous scrap from the USA and Europe are in no hurry to make price concessions, taking advantage of the growing demand for raw materials in the domestic markets of their countries.
In Turkey, ferrous scrap prices were at USD 300 / mt CIF for HMS 1 & 2 (80:20). Previously created significant stocks of raw materials in warehouses allow metallurgical enterprises not to make large-scale purchases. Buyers expect substantial discounts.
In the Asian market, ferrous scrap prices also remained unchanged. Importers have large volumes of unsold rolled metal in their warehouses. As a result, most of them are not ready to purchase raw materials at high prices without understanding the further price situation on the finished steel products market.
In the coming weeks, prices for ferrous scrap metal on the global market may slightly rise on the background of limited supply and rising prices within the US. However, in the first half of October, quotations will begin to go down against the backdrop of growing inventories and weakening demand for finished steel products. The forecasted range of scrap prices this week is USD 295-305 / mt CIF.
Source: "Ukrpromvneshexpertiza"