Scrap prices in the bellwether Turkish market, the world’s largest import of steel scrap, have recovered since hitting a year to date trough of $218.98 per tonne on October 1.
During the week to Friday, two shipments involving less than 10,000 tonnes of billets each from Japan and India were booked at $395-400 per tonne cfr Manila. The transactions could not be confirmed but fell within Fastmarkets assessed price range.
“Lower domestic scrap prices and a weaker Japanese yen had made the export market attractive for Japanese steelmakers,” a trader in East Asia said.
The Japanese currency was...