Scrap Metal Prices to Keep Moving Upwards
As reported by www.rusmet.com – The most active phase of price rise has occurred in the first half of November when the largest importers, China and Turkey, have recommenced their purchases. That time quotations in the basic international markets jumped by $ 20-30 per ton.
At the end of November increase slowed down. Turkish producers who generally have failed in their attempts to compensate their increased expenses for raw materials by rising their finished steel prices, have reduced their scrap purchases. Moreover, because of weak demand for long steel products, steelmakers are forced to reduce their output.
In the last dates of November the traders offered US HMS1&2 (80:20) and Russian A3 material to Turkey by the prices reaching upto $ 300/t CFR or sometimes even higher. However, real deals were completed coming from a calculation of $ 290-295/t CFR. Turkish companies, having signed some large contracts in November, are likely to leave the market for several weeks as usual.
Complete article can be read Here
Filed under: scrap metal prices
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