Ferrous scrap prices have been rising since October last year, strengthening by almost $150 per tonne.
On January 11 the Meal Bulletin daily Ferrous Scrap Index Turkey hit an all-time high of $509.36 per tonne cfr Iskenderun on an HMS 1&2 (80:20 mix) basis.
The week before, every Metal Bulletin Ferrous Scrap Index increased as demand for the steelmaking raw material increased strongly.
In Northern Europe, the Metal Bulletin Ferrous Scrap Index Rotterdam rose to $470.31 per tonne fob Rotterdam on an HMS 1&2 (80:20 mix) basis. This was a rise of $40.19 from the index calculation on December 24, and was the twelve consecutive week this index rose.
The MB Ferrous Scrap Index India has risen by $23.75 since last year, calculation at $461.25 cfr Nhava Sheva on a shredded basis. Although Indian import prices have been rising in line with deals done in other regions, they remain at a discount to global levels as Indian steelmakers source DRI and scrap locally to reduce their costs.
NOTE TO EDITORS
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