Global scrap prices were likely to fall soon in the wake of a recent surge across many markets, with concern among market participants about whether higher priced deals were sustainable, Fastmarkets heard during the week ended Friday February 15.
Turkish mills stepped back from purchasing deep sea cargoes this week, with prices remaining stable throughout the week as a result.This withdrawal knocked the confidence out of the India scrap market, where buyers were reluctant to purchase material and shunned the higher prices on offer.US prices soared on cargoes sold to Turkey at higher values, while prices in Taiwan went up due to bullish sentiment carried over from the iron ore market. But this was masking weak demand.Overall, sentiment was starting to turn sour in several markets.TurkeyHaving booked a large volume of scrap in the preceding fortnight, Turkish mills instead chose to focus on finished steel sales this week, with only two fresh cargoes being booked.On Monday, news of a Canadian cargo emerged, which sold to a steel mill in the Iskenderun region, comprising 25,000 tonnes of shredded at $338 per tonne and 25,000 tonnes of HMS 1&2 (90:10) at...