Turk buys a ‘flash in the pan,’ scrap market seen slowing

Nov 13, 2008 | 11:23 AM | Jana Marais

The flurry of scrap buying activity by Turkish mills in the past week was only a "flash in the pan" and prices might fall back again, market participants warned.

Turkish mills bought an estimated 25 to 40 cargoes in the past week, pushing prices for an 80-20 mix of No. 1 and No. 2 heavy melting steel scrap to as much as $290 per tonne c.f.r. from around $130 per tonne, and leading merchants to increase offer prices to other parts of the world.

However, sources in Turkey reported that no new deals were concluded on Wednesday and Thursday, and said mills might have bought sufficient material to last for now.....

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