Recent scrap contacts were heard in the range of $410-415, while a deal between Europe and Marmara was heard to have been concluded as low as $409.50. A deal between the US and Marmara is rumored to have been concluded at $414 but has not yet been confirmed.
Turkish scrap prices fell further after the EU HMS 1&2 80:20 was bought at $410/tonne CNF Türkiye, compared to $412/tonne the previous week. Rumors of EU scrap at $410/ton and $411/ton CNF were not confirmed. Türkiye's scrap demand remains weak, contributing to the continued decline in prices. In the rebar market, on the other hand, prices remain flat and the market remains stagnant and tight. Factories have not been able to raise prices, but they continue to resist the downward trend as well.
Scrap buyers remain silent in global markets
The Vietnamese scrap market is subdued post Lunar New Year, with Japanese H2 scrap offers dominating at $402/ton CNF Vietnam. Limited activity persists as buyers return from holidays, creating a $10/ton price gap that hinders deals. Buyers aim for $391, while sellers lack interest.
Indian ferrous scrap import market stays quiet with cautious buyers due to slowing demand. Europe origin shredded scrap offered at $417-427/ton HMS 80:20 at $389-393/ton CNF India. Buyers are hesitant, holding surplus inventory from previous bookings at lower rates. Bids $10-15/ton lower as end user demand decreases.
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