PRICES OF FERROUS SCRAP STILL PICK UP

Steel scrap prices have been on a rebound this year, along with iron ore and many other commodities; scrap prices have picked up in Turkey, the major market.

The Steel Index (TSI) put this down to stronger demand from Turkish mills and a squeeze on supplies. Low steel prices have resulted in low scrap prices, particularly in the U.S., the major exporter. The resulting lack of supply has created a tighter market.

In Asia, prices have picked up, particularly in Taiwan where imports of HMS #1&2 80:20 increased $23 a metric ton to $247 per mt at Taiwanese ports last week.

U.S. prices, though, have been more lackluster, showing just a small $2/mt uptick according to the TSI, more a reflection of increased West Coast exports and lack of steel scrap arisings than any strength in the market.