STEEL SCRAP WRAP: Sentiment turns in global markets on imminent price correction
Sentiment in the key global scrap markets has turned negative in the week to Friday January 15, with buying activity dipping on expectations of a correction in prices, led by a week-long absence from the markets by Turkish buyers after a prolonged period of soaring prices.
- Turkish prices drop $20 per tonne before weekend
- US export prices up on recent trades
- Buyers withdraw from market in Vietnam on expected downturn
- Weak sentiment results in lower offers on Taiwan market
- Correction in prices expected on Indian market.
Turkish mills remained absent from the deep-sea markets for most...