In the near future, ferrous scrap prices will slightly increase

Last week (September 10-17) quotes of ferrous scrap  on the international market stabilized - the base type HMS 1&2 (80:20) was quoted at $295-305 / t CIF. Exporters' attempts to raise prices met with resistance from buyers who are experiencing difficulties in selling rebar and wire rod. In addition, many consumers already have sufficient stocks of ferrous scrap, which allows them to temporarily stop purchasing.
In Turkey, the number of transactions is minimal. Plants are trying to prevent further growth in ferrous scrap prices and buy only single lots, diversifying sources of income. In response, exporters also stopped actively supplying raw materials, arguing that they did not collect enough ferrous scrap on the domestic markets of their countries.
In Asia, importers also selectively approached the conclusion of transactions. The expectations of the players regarding the high probability of a quick downward price reversal puts pressure on demand - metallurgists prefer to take a wait and see attitude, hoping to continue active purchases after the first discounts are provided.
In the coming weeks, ferrous scrap prices will rise slightly due to replenishment of stocks by Turkish metallurgists, as well as strong demand for raw materials in the US domestic market. At the same time, a decrease in the profitability of trade in rolled products exported by Turkish producers will become a significant limiting factor. The forecast range for ferrous scrap prices next week is $295-305/t CIF.