London 11 January 2011 16:26
MB’s Ferrous Scrap Index cfr Turkey rose slightly to $509.36 per tonne cfr on an HMS 1&2 (80:20) basis on Tuesday after a mill made a short-sea booking to supplement stocks.
The index finished Tuesday $1.16 higher than Monday’s figure of $508.18.
Tuesday’s stronger calculation was down to a short-sea deal bought by a Turkish mill. The steelmaker bought a small volume of ex-Romanian A3 grade at $505 per tonne cfr Marmara.
There were no deep-sea bookings, as neither buyers nor sellers entered the market.
“Neither side of the market wants the market to go down as rebar has increased this week,” a trader said.
“It will be another two days or so before further deep-sea activity,” the trader continued
The index finished Tuesday $1.16 higher than Monday’s figure of $508.18.
Tuesday’s stronger calculation was down to a short-sea deal bought by a Turkish mill. The steelmaker bought a small volume of ex-Romanian A3 grade at $505 per tonne cfr Marmara.
There were no deep-sea bookings, as neither buyers nor sellers entered the market.
“Neither side of the market wants the market to go down as rebar has increased this week,” a trader said.
“It will be another two days or so before further deep-sea activity,” the trader continued
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