For a week, ferrous scrap prices in Turkey rose by $20 - up to $350/mt

Last week (November 20-27), ferrous scrap quotations increased significantly in all markets. The replenishment of scrap stocks by metallurgists and the growth in demand for long rolled products are helping scrap exporters. As a result, quotes go up with almost every new trade. In the Turkish market, HMS 1&2 (80:20) prices rose to $340-350/mt CIF, up $20 from the previous week.
The demand for ferrous scrap is quite active in the Turkish market. The factories order large consignments of raw materials with delivery both in the coming weeks and at the end of December. Large players are trying to build up stocks for the winter in order to avoid purchasing scrap at even higher prices due to reduced supply in the coming months. In turn, the supply of scrap from large suppliers is low.
In Asia, the demand for scrap  is also growing due to the rise in the cost of billets from China and low stocks at South Korean factories. As a result, prices for HMS1 grade material moved higher - up to $340/mt CIF. At the same time, Japanese scrap HMS2 is traded at $300/mt CIF in the ports of Taiwan and Vietnam.
In the coming weeks, scrap prices will increase due to limited supply in the US and EU domestic markets, as well as the expected increase in demand for long products. An additional factor in the rise in prices will be the formation of winter stocks by the largest consumers in Turkey and South Korea. The forecast range for scrap prices next week is $345-355/mt CIF.

Source: "Ukrpromvneshexpertiza"