WEEKLY SCRAP WRAP: Prices up as scrap markets show signs of recovery

Global ferrous scrap prices recovered earlier losses and moved upward during the week ended Friday January 25, with a number of deals being done at higher prices, Fastmarkets heard throughout the week.

Prices into Turkey moved up after new deep-sea cargo bookings, which also helped to push up export scrap prices from the United States. Good demand increased scrap prices in Asia, while India made gains to recover weeks of losses. Turkey On Monday, a steel mill in the Izmir region booked a Baltic Sea cargo, comprising 20,000 tonnes of HMS 1&2 (80:20) at $287 per tonne, 7,000 tonnes of shredded at $292 per tonne and 5,000 tonnes of bonus at $297 per tonne cfr. This cargo sent the daily indices sharply upward on Monday. Fastmarkets’ daily index for Northern Europe-origin HMS 1&2 (80:20) was calculated at $283.76 per tonne cfr on January 21, up by $9.55 per tonne day on day, from $274.21 per tonne cfr on January 18. On Wednesday, a deep-sea cargo booked late the previous week came to light. A steel mill in the Iskenderun region had booked a US cargo, comprising...

Published

Carrie Bone

January 25, 2019

19:11 GMT

London