Speculation feeds ferrous scrap gains

Nov 19, 2008 | 10:58 AM | Jana Marais

European ferrous scrap prices have moved higher in the past two weeks, but the upshift has been sparked by speculation rather than any sustained increase in export demand, according to market sources.

Turkish mills bought between 25 and 40 cargoes of ferrous scrap a week ago, prompting prices to double from levels of $130 per tonne, including cost and freight (c&f). European buyers have been "following the wave of Turkey," leading to price increases in markets such as the United Kingdom, Spain and Italy.....

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