WEEKLY SCRAP WRAP: Global prices largely stable amid thin trading

Global ferrous scrap prices largely edged up in the week to Friday February 28, with the exception of Turkey, as a result of mainly increased freight rates. Many market participants reported weak trading activity during the week.

Limited purchases by TurkeyExport prices in United States West Coast fall, but East Coast quietSentiment deteriorates in Asia on ample Japanese supplyImport prices in India fall on weak demand
Turkey
Turkish steel mills did not buy any deep-sea cargoes of heavy melting scrap (HMS) last week, having secured sufficient quantities in February.
There was a large buy-sell gap between bearish Turkish buyers and bullish scrap sellers on the US West Coast who were expecting higher domestic prices.
Fastmarkets' daily index for steel scrap HMS 1&2 ((80:20)), Northern Europe origin, cfr Turkey ended the week at $272.13 per tonne, up by $0.79 per tonne from $271.34 per tonne a week earlier.

The daily index for steel scrap HMS 1&2 (80:20), US origin, cfr Turkey was $279.45 per tonne on Friday, up by $0.34 per tonne from $279.11 per tonne on the preceding...

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