Despite the traditional summer dearth of scrap supplies, prices failed to maintain their upward momentum in August against a backdrop of intermittent demand. Furthermore, market sentiment was undermined by a sharp decline in iron ore prices which extended into the early days of September. However, the current month opened with a certain amount of belief that prices will not decline much further in the short term owing to the prospect of renewed demand from Turkey's construction/housing sector and the aforementioned lack of scrap which, accord-ing to experts, has left many of Europe's shredders operating at 50-60% of capacity. 'Some shredders are standing still for three or four days a week,' a leading trader told Recycling International.
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