The reduction of Section 232 tariffs against Turkey was a "pivotal moment" for global ferrous scrap prices this year, market sources told Fastmarkets this week at the Bureau of International Recycling's 2019 World Recycling Convention & Exhibition in Singapore.
Bearish market sentiment flipped straightaway overnight once United States president Donald Trump tweeted that the Section 232 tariffs on Turkish steel would be reduced to 25% from 50%, a European scrapyard source said."Sellers immediately withdrew the offers and buyers' appetites immediately increased across the regions which we are selling into," the source said.Prices are expected to start on a bullish trend from now on and keep within a more stable range, market sources at the conference said.Taiwanese mills had increased their bids to $275 per tonne on Tuesday May 21 compared with $270 per tonne cfr last week, while offers for European scrap to Vietnam increased to $320 per...