It is reported that after relentless upward movement since November 2010 beginning, the first signals of correction were seen last week as the Turkish mills in their characteristic pattern became slow in scrap buying.
This tactful move has forced scrap prices down by USD 20 per tonne to USD 30 per tonne during last week as import levels have climbed down for HMS 1&2 from previous USD 505 per tonne to USD 507 per tonne to present offers at levels of around USD 475 per tonne.
As mills have been refusing to accept current offers at USD 485 per tonne to USD 490 per tonne CNF for HMS 1&2 80:20 the companies have been pushed to offer another USD 10 per tonne discount for concluded transactions.
In Europe also steel scrap price has slightly corrected slightly in last week by EUR 10 per tonne mainly because further price increases asked by suppliers had not been accepted. This situation has prompted customers and mills negative reactions by taking an immediate wait and see attitude. In Italy scrap has lost EUR 15 per tonne to EUR 20 per tonne during last week.