Long steel demand ‘unlikely to support' rise in ferrous scrap prices, says Irepas

Market fundamentals are unlikely to support the recent rise in ferrous scrap prices, the International Rebar Producers & Exporters Association (Irepas) said in its latest short-range outlook this week.

Fastmarkets'  daily scrap index for Northern Europe-origin HMS 1&2 (80:20) imported into Turkey rose to $296.41 per tonne cfr on Monday July 8, up from $292.09 per tonne cfr a week earlier. This was up from $273.88 per tonne cfr on Jun 27.
Turkish steel mills have taken a break from deep-sea scrap purchasing at the beginning of the week, but are expected to soon book more cargoes for August shipment at a similar price level, sources told Fastmarkets on July 8.

The mills in...

Published

Viral Shah

July 09, 2019

13:57 GMT

London