Tight market boosts scrap prices

摘要

Scrap export prices rose m/m with US and European prices increasing by more than those in Japan. In both US and European markets, strong domestic and export demand resulted in a strong increase in obsolete grade pricing, while supply-side issues led to an even larger increase for prime grades. European price increases came even after Turkish scrap importers paused buying activity in late-May and were driven by strong finished steel demand and rising steel prices, with German rebar prices reaching up to €830 /t compared to €770 /t a month earlier.