Buying activity for shredded scrap in containers was steady at the beginning of the week, and at high prices. Toward the end of the week, activity cooled off dramatically although prices remained firm.
“Nobody is buying. People are scared about what could happen if they take positions and suppliers are not willing to decrease their prices,” according to one trader.
“I get the impression of a softening in the market this week because of a lack of clarity and weaker rebar demand in Turkey,” one consumer said.
“The Indian market is a bit quiet at this time due to all this uncertainty caused by the US sanctions announcement. The major fear is the dumping of excess material into India,” one seller said.
Diversions of steel volumes from countries such as Turkey, South Korea and Japan away...