LME's Turkish scrap contango defies bearish outlook

摘要

Turkish scrap futures on the London Metal Exchange largely defied most market players'bearish medium-term outlook for Turkey's steel sector by moving into a contango from thestart of this year.The forward curve for Turkish scrap on the London Metal Exchange is usually inbackwardation, this has changed of late, with March futures at $287.50/mt trading abovethe front-month February contract at $284.50/mt.