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Ferrous scrap prices make further progress

Global – Despite the recent holiday period in Turkey when buying activity stalled, scrap values have continued to make steady upward progress during most of the period since our previous ferrous report of early August. As a result, latest cfr price indications for shipments from Europe to Turkey are US$ 340-345 per tonne for standard quality HMS I/II 80/20 scrap and US$ 345-350 for shredded.

Elsewhere, Pakistan’s scrap importers have been prepared to match or better the prices paid by their Indian counterparts who have been rendered largely quiet by elevated international price levels.

Another of the more muted scrap import markets over recent weeks has been Taiwan but prices are still higher than they were previously at around US$ 300 per tonne for US-origin HMS I/II 80/20.

As with India, consumers in Taiwan have been looking to rely as much as possible on domestic supplies against a backdrop of lacklustre steel demand at home. Early-September negotiations in the US domestic ferrous scrap market have left prices broadly sideways to slightly higher compared to August.

The full version of Recycling International’s latest ferrous market report will appear in its No. 6/2017 issue.

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