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Ferrous scrap prices remain at elevated levels

Global – The final weeks of 2017 brought a strong upward progression in ferrous scrap prices, driven in part by weather- and holiday-related supply issues. Although some of the momentum has been lost in January, prices have remained at high levels, with latest cfr price indications for shipments from Europe to Turkey at US$ 350-355 per tonne for standard quality HMS I/II 80/20 scrap and US$ 355-360 for shredded.

On the back of healthy demand from Turkish mills, 2017 ended with HMS I/II 80/20 scrap from the USA and Baltic Sea commanding up to US$ 370 per tonne on a cfr basis.

Although international trading activity has been somewhat limited in the early weeks of 2018, ferrous scrap prices started the new year by inching higher, reaching US$ 376 per tonne for the HMS I/II 80/20 mix by mid-January.

Since then, however, there have been some signs of a backward step as Turkish steel producers have been hit by falling rebar prices and weaker demand from its leading export markets.

Having stood as US$ 65 per tonne as recently as early December, iron ore prices also made a positive start to 2018.

The Metal Bulletin 62% Fe iron ore index edged beyond US$ 79 per tonne in early-year trading but has since retreated to around US$ 74.

The full version of Recycling International’s latest ferrous market report will appear in its No. 1/2018 issue.

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