LME scrap futures trend down, shadows physical

摘要

London—Scrap futures on the London Metal Exchange continued to see losses over the week to Thursday as fresh spot physical market activity was heard at lower levels Thursday. LME May scrap contracts were down $7.50/mt over the week to $246.50/mt, while June contracts fell $6/mt week on week to $244/mt, while July contracts fell $6.50/mt week on week to $248.50/mt. The forward curve trended down over the course of the week, as Turkish producers pushed for lower scrap prices amid weak demand for finished steel in both domestic and export markets. The curve maintained its U-shape over the near term, with a soft contango forming over later-dated contracts.