Last week (March 26 – April 2), scrap prices increased significantly in all regional markets without exception. In the Turkish market, the price range for HMS 1&2 (80:20) scrap was $425-435/mt CIF. In the previous week (March 19 – 26), the range of quotations was at the level of $405-415/mt CIF.
Importers are forced to actively contract material to replenish stocks, which have been significantly depleted over the past three weeks – during a period of low purchasing activity. After making a number of major deals, most of Turkey's importers withdrew from the market again ahead of Ramadan.
In the coming month, export quotations for scrap metal will gradually decline against the backdrop of weakening demand for long products, lower prices for iron ore and increased supply from suppliers from the US and the EU. Quite high stocks of raw materials from the largest importers will also have a negative impact on prices. The forecasted range of scrap prices for the current week is $430-440/mt CIF.
Source: "Ukrpromvneshexpertiza"
