22/04/14 – Steel scrap rally seems over for now
Steel scrap price levels showed first signs of wilting after nearly 6 weeks rally during which gained USD 50-55 per tonne.
It is learnt that latest offers of scrap from US, Europe and CIS have corrected by USD 5-10 per tonne from last week.
Current offer levels at USD 385-390 per tonne ,CFR ,Turkey for HMS 1&2 (80:20) .
Likewise A3 scrap from Russian sources are offered at USD 365 per tonne CFR down from USD 370-375 per tonne.
Consumers will be calling for further reductions in prices for scrap, referring to increased supply and steadily weak market for finished products.
Source – Strategic Research Institute, Steel Guru