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German steel scrap prices revert to April levels

It is reported that, following a short lived recovery in May, steel scrap prices on the German market reverted in June to April levels.

According to market sources, 10 shiploads purchased by Turkish buyers did not provide any relief nor could scrap exported in containers to India or Indonesia. Even domestic foundries are now hardly making any enquiries for scrap, the economic crisis has arrived at their doorstep, a little later than it hit the steel mills.

Under the circumstances, expectations for the coming month are rather subdued and there is hardly a trader who expects the situation on the domestic and export markets to improve before September.

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