WEEKLY SCRAP WRAP: Price increases may be at peak

Ferrous scrap prices in the global markets continued to increase during the working week ended Friday April 17, amid limited supply in Europe and the United States and the higher demand from mills in Turkey, but prices might be at their peak.

Mills in Turkey accelerated deep-sea bookings with prices stabilizingDemand in Turkey raised US pricesBuyers in Vietnam unwilling to pay higher pricesSellers in Taiwan withholding offers on bullish outlookRising global prices raise Indian scrap import values.
Turkey
Turkish deep-sea scrap import prices increased by $15.27 per tonne on April 14 because of the limited supply volumes coming from Europe and the United States.
The prices then stabilized in bookings made later in the week, with market participants expecting no further increases.
Turkey imported seven deep-sea scrap cargoes last week, amounting to almost 220,000 tonnes.
Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20), US origin, cfr Turkey, was $258.00 per tonne cfr on April 17, up from $242.98 per tonne on April 9.

The daily index for steel scrap, HMS 1&2 (80:20), North Europe origin, cfr Turkey, ended the week...

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