Market fundamentals are unlikely to support the recent rise in ferrous scrap prices, the International Rebar Producers & Exporters Association (Irepas) said in its latest short-range outlook this week.
Fastmarkets' daily scrap index for Northern Europe-origin HMS 1&2 (80:20) imported into Turkey rose to $296.41 per tonne cfr on Monday July 8, up from $292.09 per tonne cfr a week earlier. This was up from $273.88 per tonne cfr on Jun 27.Turkish steel mills have taken a break from deep-sea scrap purchasing at the beginning of the week, but are expected to soon book more cargoes for August shipment at a similar price level, sources told Fastmarkets on July 8.The mills in Turkey booked just under 200,000 tonnes of ferrous scrap for August deliveries last week."Ferrous scrap prices are also picking up, but are not expected to stay...