Global scrap prices were little changed in the final week of May, owing to a continuation of thin trading activity across most major consuming regions. In particular, Turkish purchasing activity for scrap and metallics remained low in the final week of the month, a trend seen through May. That said, Turkish steel producers are expected to return to the market in the short-term to meet July's melting requirements, amid the early onset of Ramadan in late June this year. Japanese H2 prices in the Tokyo and Osaka regions declined by ?500/tonne ($4.9/ tonne) week-on-week in the final week of May, as a slowdown in construction activity removed support from long products demand and underlying scrap consumption. At the same, Chinese scrap prices declined RMB50/tonne ($8/tonne) week-on-week, as more competitive hot metal production costs have reduced mills demand for material.
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