Metal Bulletin's Daily Ferrous Scrap Index was unchanged for a
second day at $447.01 per tonne cfr Iskenderun on an HMS
1&2 (80:20) basis on Wednesday April 25, up from $446.86 a
Offers from the USA and Romania at $450 per tonne cfr and
above, and $440 cfr, respectively, boosted the index, yet no
deals were confirmed on Wednesday.
There were more enquiries for Black Sea cargoes this morning,
according to a merchant in Romania.
"There is a sudden demand this morning, especially for Black
Sea scrap, from many buyers," he said.
A mill source said offers from this region were at $437-440 per
tonne cfr, but no cargoes had been sold so far.
A trader said mills were still looking to sell rebar instead of
buying scrap, and was expecting prices for scrap to come down.
"The expectation is for the prices [of rebar] to reach $650 per
tonne fob levels and this should force US [HMS 1&2] 80:20
to $440 [cfr] levels. At present, no-one is interested in
buying a deep-sea cargo, as far as I know," the trader said.
A second merchant disagreed with this, saying that mills had
made bookings for rebar for the whole of May and that scrap
prices will be close to unchanged when the next cargoes were
"I think we will see pretty similar levels [for scrap] as [the]
news says mills have booked all rebar and billet until end-May
and are now selling [for] June," the merchant said.