Ferrous scrap prices in the world market rose to $360 per ton

Last week (November 27 – December 4), ferrous scrap quotations continued to rise against the backdrop of limited supply from American and European suppliers, as well as rather active demand from Turkish and South Korean importers, who are trying to replenish stocks for the winter period before material prices rise even more. As a result, last week the prices for HMS 1&2 (80:20) scrap increased to $360/mt CIF in the Mediterranean ports of Turkey.

In December, quotations of ferrous scrap on foreign markets will continue to rise against the backdrop of a growing seasonal deficit and growing demand from buyers in Turkey and South Korea. The increase in demand for raw materials will be driven by an increase in steelmaking capacity utilization in the US and Turkey, as well as a limited supply of material from European and US suppliers. Along with this, an increase in prices for square billets and rebar is expected, as well as complication of the terms of delivery of scrap metal, which will allow suppliers to dictate terms of cooperation. The forecast range of prices for ferrous scrap in December is $360-370/mt CIF.

 Source: "Ukrpromvneshexpertiza"