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US scrap prices predicted to spike up by the end of this year

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by - 11/6/2012 8233 Views

Sentiments in the ferrous scrap market concerning the rise of scrap price in November made US steel maker to hike the prices

Sentiments in the ferrous scrap market concerning the rise of scrap price in November made US steel maker to hike the prices of steel flat products by US$44 recently. Based on the announcement on October 16, 2012 from the US steel to raise the steel flat product price by US$44 per ton, most of the steel makers have hiked the prices and it is expected that the prices may continue rising in the US domestic market for steel flat products in the coming days.

There is also a positive outlook for this  in the US market as in winter it’s not very easy to collect scrap so the prices is predicted to rise from November. Therefore industry sources forecasted that the prices may start rise from November and continue in December.

Ferrous scrap offers to India are also likely to rise in the coming weeks. Further, a slight correction in HMS 1&2 prices has been seen and the prices are gone up by 1.30 percent from the previous trade price of $ 385 per ton recorded last Thursday and traded at US$ 390 per ton today.

As far as Indian market is concerned, Rupee hits 54 against green back and likely to remain at 54 in the coming days and this possibly will slow down the trades in the market. In additional to this with Diwali round the corner traders will stop buying. So the activities in the market will become slow.

Besides, Turkey steel mills resumes purchase scrap after the holiday season and many deals have been closed this weeks. Offers for HMS 1&2 has been increased by US$ 10 per ton from a week ago to US$355/ton C&F. However, prices for HMS 1&2 were at US$345 per ton last week and the prices are raising m-o-m. This will also let way to price hike in November in the US scrap market.

Meanwhile, European suppliers have also raised their ferrous scrap offer by US $5-10/MT CFR this week with the developed demand from turkey and the prices are hovering at US$370-375/MT CFR Turkey for HMS 1&2.

 

Category : Metal

Tags : HMS 1&2 prices, US steel


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About Benny Jebaraj

I have been with recycleinme.com for the past four years and enjoy working as the Administrator of the Scrap Prices section.  I am graduated as Master of Business Administration in Human resource management. Why I have chosen this course is because I’m very much fond of Business Administrati .... more info

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