Author: Paul Ploumis13 Oct 2014 Last updated at 02:38:13 GMT
SEATTLE (Scrap Monster): The steel scrap prices witnessed sharp decline during the week in key markets- Turkey and South Korea. The drop in scrap prices suggests further price cuts to follow in finished steel products such as billets and rebars.
The Turkish import price for US origin HMS Scrap of Grade 1 & 2 (80:20) prices declined by $13 per ton CFR from the previous week. The prices were down by $44 per ton CFR when compared with a month ago. Over the year, the prices were down by $34 per ton CFR.
Similarly, the import price by Turkey for CIS origin Grade 3A HMS Scrap dropped $10 per ton CFR during the week, when compared with a week before. The prices dropped by $38 per ton CFR over the month. When compared with the import prices during the same week a year before, Grade 3A HMS Scrap prices were down by $25 per ton CFR.
The South Korean import price of Japanese No 2 HMS Scrap declined by $11 per ton CFR over the week. The prices were down by $26 per ton CFR when compared with a month ago. Over the year, the prices were down by $52 per ton CFR.