US scrap, which gained value at the beginning of March, gained a downward momentum by the end of the month due to the decline in foreign offers.
Import scrap offers from Turkey and India are falling by $10 to $30. HMS buyers in Turkey made purchases at $444 per ton, down $11 this week, while they were buying at $455 the previous week. Steel production of Turkey, one of the largest scrap importers from the USA, was greatly affected after the earthquake disaster in February.
While domestic mill purchases in the US increased in early April, one of the important factors affecting prices seems to be the decrease in scrap supply.
Despite the month-on-month improvement in the scrap market in mid-March, thanks to better weather conditions and pricing, the situation does not look good compared to March 2022.
As buyers and sellers start negotiations at the beginning of April, both low offers from abroad and the shortage of scrap in the market will likely continue to affect the sector.
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