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Ferrous scrap prices return to base

Global – Despite dropping lower in June and early July, ferrous scrap prices have returned to levels similar to those reported by Recycling International in its early-June report – even though the interim period has witnessed the UK’€™s vote to leave the EU and the failed coup attempt in Turkey, the world’€™s leading importer of steel scrap.

Although these momentous events have created profound political uncertainty within the EU, Turkey and beyond, scrap purchasing has continued to take place – if at a little more guarded pace at times. Latest cfr price indications for shipments from Europe to Turkey are US$ 220-225 per tonne for the standard quality HMS I/II 80/20 scrap mix and US$ 225-230 for shredded.

Latest figures from the World Steel Association, meanwhile, reveal that only four of the world’s leading steelmaking nations recorded year-on-year production gains in the first half of 2016: India (+2.7% to 46.384 million tonnes); the USA (+0.2% to 40.064 million tonnes); Turkey (+3.2% to 16.491 million tonnes); and Ukraine (+10.3% to 12.413 million tonnes).

Despite an increase in June, China produced 1.1% less steel at 399.56 million tonnes.

*The full version of Recycling International’s latest ferrous market report will appear in its August issue.

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