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Metal Recycling News December 06, 2014 03:00:57 AM

Ferrous scrap prices remain under pressure

Paul Ploumis
ScrapMonster Author
After a couple of months of steady price erosion, at least the ferrous scrap market has been showing signs of greater stability in early December

Ferrous scrap prices remain under pressure

SEATTLE (Scrap Monster): After a couple of months of steady price erosion, at least the ferrous scrap market has been showing signs of greater stability in early December. At the same time, a relatively small number of bookings has been made on the international market over recent weeks, reports Recycling International in its latest ferrous review.

Early-December cfr price indications for shipments from Europe to Turkey are US$ 295-300 per tonne for standard quality HMS I/II 80/20 scrap and US$ 300-305 for shredded scrap.

In the Indian market, shredded scrap in containers had been commanding upwards of US$ 340 per tonne cfr Nhava Sheva in the early part of November but the prevailing price range is US$ 325-330 or even lower in some instances.

And in the domestic US market, ferrous scrap prices dropped in November by typically US$ 25-30 per ton, with the result that scrap flows receded by more than 50% in some regions.

Buyers’ ability to keep downward pressure on scrap prices has been aided by ongoing weakness in iron ore values, with the Metal Bulletin 62% Fe iron ore index hovering around US$ 70 per tonne in early December.

Courtesy: http://www.recyclinginternational.com

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