Market braced for weaker prices in May

摘要

Ferrous scrap import prices continue to "roller coaster" but the outlook for May is fairly negative with low Turkish EAF output, tepid demand and tariffs on Egyptian billet expected to weigh on scrap prices. Most market players expected scrap import prices to fall in May due to Turkish mills battling with cash flow squeeze and persistently low domestic rebar prices. In the April 15-19 week, Turkish mills started to procure May shipments after a long pause, and were forced to accept higher prices of around $312/mt CFR, up by more than $7/mt from the previous week.