Last week, the downward trend continued on the market amid weak demand for billets, as well as a fairly high supply from suppliers from the US and the EU. On the Turkish market, prices for HMS 1&2 (80:20) scrap were in the range of $465-475/mt CIF.

Last week, scrap metal quotations sank in all regional directions, which was caused by weak demand for finished rolled products and low profit margins in rolled metal trade. In Turkey, the average cost of HMS 1 & 2 (80:20) scrap was $475-485/mt CIF.

Analysts expect scrap prices to drop slightly in the near future due to weak demand for rebar and wire rod. The recovery in price growth is expected due to replenishment of stocks by the largest buyers and the formation of reserves for the winter period.

Last week prices for scrap continued to grow, although the growth rate slowed down significantly against the backdrop of a situational increase in the supply of raw materials. And on the Turkish market, scrap HMS 1&2 (80:20) rose in price to $505/mt CIF, which is $5/mt more than a week earlier.

UKRMET denies information on the acquisition of the Elektrostal plant (Kurakhovo)