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Ferrous prices resilient in August

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Despite the feast-and-famine pattern of sales into the key Turkish market in August, ferrous scrap prices have shown widespread resilience over recent weeks as bookings confirmed a consolidation of late-July gains, partly as a reflection of an increase in shipping freight rates.

Latest cfr price indications for shipments from Europe to Turkey include US$ 380-385 per tonne for standard quality HMS I/II 80/20 scrap and US$ 385-390 for shredded.

By the end of the penultimate week of August, UK and Northern European suppliers into Turkey were obtaining around US$ 385 per tonne for HMS I/II 80/20 and US$ 390 for shredded while some US sellers were achieving as much as US$ 392 for shredded scrap. In the final week of the month, however, the Turkish market once again paused for breath.

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