Slow start to year as market looks for direction

摘要

International ferrous scrap markets started 2020 on a bearish note amid wider mixed sentiment on the future market direction, leaving most participants sitting on the sidelines. Turkish buyers continued to procure February shipments at or just below $300/mt CFR for premium HMS 1/2 (80:20) – trading largely sideways since mid-December. However, market players' price expectations diverged, with some expecting stable to slightly higher prices on high collection prices and a strong US domestic market, while others pointed to a sluggish product market in Turkey as a driver for lower near-term prices.