It is reported that the absence of demand from Turkey has triggered a sharp plunge in ferrous scrap prices on the German market in May.
This turn events had already loomed large in the previous month, when prices initially soared by EUR 60 per tonne to EUR 80 per tonne compared with March.
According to the latest EUWID market report "However, soon after the middle of April, follow up orders had already attracted EUR 20 less. This trend was confirmed in May, although prices fell by more than EUR 20 per tonne. Rather, market sources put the average reduction to EUR 30 per tonne compared with the middle of April. Whether prices will hold steady in June or decline will mainly depend on whether Turkish buyers return to the market."