DAILY SCRAP REPORT: Labor day holidays put markets on hold [CORRECTED]

Holidays in Turkey and across much of Europe for the traditional May 1 Labor Day meant that there was little change in prices for Turkish imports of deep-sea scrap from European and US suppliers, sources said on Tuesday May 1.

Renewed business activity is expected later in the week when traders return to work, they added.
Market sentiment is cautious about how much more prices may increase in the near term, if the recent stronger trend in prices is renewed. On Monday, Turkish steel producers booked more deep-sea scrap for May, with prices moving markedly higher between last Thursday and Monday.

Before then, the market had been falling steadily from a near-annual high in late March. Steelmakers...


Declan Conway

May 02, 2018

11:55 GMT