Countries scrap metal prices started decreasing from the peak in early April. Rebar prices in KSA and UAE reduced by $ 40-50 in recent three weeks. This decrease reached about $ 80 per ton in Turkey and in several regions. There will also decreasing in export quotation as well. Turkish companies export quotation were $700-720 per ton FOB at the peak point, have decreased to $670-680 per ton FOB. At that, according to the majority of the market participants this is not the end. Some traders in the Gulf countries say about their readiness to resume the purchases if Turkish rebar prices decrease to not more than $650-660 per ton CFR.
Following rebar, scrap and semis prices also go down. In Apr. Due to this downfall in prices Turkish companies suspended purchasing scrap and they are likely to return to the market not earlier than the second half of May or in June. The quotations for the US HMS № 1&2 decreased to about $440-450 per ton CFR, but these prices are nominal. There are no real deals today.
The prices for Russian and Ukrainian semis decreased to $620-630 per ton FOB and, obviously, will keep decreasing in the nearest future. Nevertheless, similar drop in this market is not expected due to stable demand for semis in Middle East countries (except Turkey) and South East Asia.
Source http://www.rusmet.com/news.php?id=16916
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