GLOBAL BILLET WRAP: Most prices up because of rising scrap prices

Prices in the major global steel billet markets increased in the week to Friday April 10 because of scrap prices rising due to reduced availability; some deals were heard at higher prices during the week.

In Turkey, scrap import prices increased strongly amid reduced availability of material in the deep-sea markets, caused by the closing of scrapyards especially in the United Kingdom and United States in attempts to control the Covid-19 pandemic and the subsequent decreased collection volumes.
European Metal Recycling (EMR) has shut down part of its operations in the UK due to the novel coronavirus.
The pandemic has also affected the US scrap markets. Schnitzer Steel Industries closed all its establishments in the Boston area except one yard, while Sims Metal Management withdrew its previous earnings guidance for the second half of its fiscal year.
A number of automotive factories have also closed down amid the virus outbreak, limiting the scrap flow.

Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $242.98 per tonne on April 9, rising from $208.10 per tonne on April 2.
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