The scrap forward curve on the London Metal Exchange sustained losses June through September, remaining mostly flat in structure over the week to June 18, while the July-August rebar forward curve maintained a very soft contango, also demonstrating minor losses over June to August. June LME scrap futures contracts were down $2.50/mt over the week to $261/mt June 18, and July contracts were down $4/mt to $262.50/mt, suggesting traders’ mounting uncertainty over the strength of near-term physical scrap prices, with Turkish mills having largely stepped back from scrap-buying over the week beginning June 15. August contracts sustained the heaviest loss week on week, dropping $5/mt to $261.50/mt, while the September contract dropped by $2.50/mt week on week to $262/mt.
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