Global scrap prices were likely to show further increases because of surges in iron ore prices, Fastmarkets heard during the week ended Friday February 8.
Integrated steelmakers were expected to raise their offer prices for downstream steel products due to the increased costs of iron ore and pellets. They were also expected to be able to digest higher ferrous scrap prices to secure more steelmaking raw materials, to make up for losses in iron ore supply.Prices in the major markets of Turkey and the United States were higher, although import prices were stable in Asia because many sector participants were away from the spot market for the Lunar New Year holidays.Turkey importsTurkish deep-sea scrap import prices went up on February 8 when several new transactions were agreed at higher levels, sources told Fastmarkets.A steel mill in the Marmara region booked a US cargo comprising 4,000 tonnes of HMS 1&2 (90:10) and 21,000 tonnes of shredded for an average price of $335.50 per tonne cfr.Another US cargo was booked by a steel mill in the Iskenderun...