Market sentiment regarding European finished long steel prices turned more positive after the recent recovery in the Turkish import ferrous scrap price – the global benchmark for the key raw material.
Metal Bulletin’s daily ferrous scrap index for Northern European HMS 1&2 (80:20)
closed the day on September 5 at $312.57 per tonne cfr Turkey.
This was up from a trough of $290.73 per tonne cfr on August 17, after the United States doubled its Section 232 import duties on Turkey-origin steel to 50%
, and the Turkish lira weakened sharply against the US dollar.
“We are in the...