London 14 January 2011 16:18
All the Metal Bulletin Ferrous Scrap indices rose again this week.
The Metal Bulletin Ferrous Scrap Index Turkey finished Friday at $509.36 per tonne cfr Iskenderun on an HMS 1&2 (80:20) basis. This is a rise of only $1.18 per tonne as the deep-sea market fell silent following the hikes of recent weeks.
But Friday's number is still an all time high. The daily index had risen by more than $40 per tonne since the beginning of the year but the surge in cargo bookings came to an abrupt end on Friday last week, with only small-sea deals going through.
A few recyclers in Europe have now started offering lower prices. While many recyclers believe there is some strengthening still to come due to continued collection difficulties, the lower offers could signal a tipping point in the Turkish import market, prompting a fall for the first time since the price surge began in mid-October.
In northern Europe, the MB Ferrous Scrap Index fob Rotterdam rose to $482.31 per tonne on an HMS 1&2 (80:20) basis. This is a rise of $12 per tonne and means that the index has now risen more than $50 per tonne since the beginning of the year.
The MB Ferrous Scrap Index India has pushed up strongly again to $493.06 per tonne cfr Nhava Sheva for shredded material. This is an increase of $31.81 per tonne on last week. A traditionally slow market for trend following, Indian mills have been staving off scrap hikes by sourcing from local DRI supplies. Indian imports have shown signs of catching up with the Turkish cfr level this week though. As with prices FOB Rotterdam, prices into India have pushed up more than $50 per tonne since the start of the year along with falling freight rates.
The Metal Bulletin Ferrous Scrap Index Turkey finished Friday at $509.36 per tonne cfr Iskenderun on an HMS 1&2 (80:20) basis. This is a rise of only $1.18 per tonne as the deep-sea market fell silent following the hikes of recent weeks.
But Friday's number is still an all time high. The daily index had risen by more than $40 per tonne since the beginning of the year but the surge in cargo bookings came to an abrupt end on Friday last week, with only small-sea deals going through.
A few recyclers in Europe have now started offering lower prices. While many recyclers believe there is some strengthening still to come due to continued collection difficulties, the lower offers could signal a tipping point in the Turkish import market, prompting a fall for the first time since the price surge began in mid-October.
In northern Europe, the MB Ferrous Scrap Index fob Rotterdam rose to $482.31 per tonne on an HMS 1&2 (80:20) basis. This is a rise of $12 per tonne and means that the index has now risen more than $50 per tonne since the beginning of the year.
The MB Ferrous Scrap Index India has pushed up strongly again to $493.06 per tonne cfr Nhava Sheva for shredded material. This is an increase of $31.81 per tonne on last week. A traditionally slow market for trend following, Indian mills have been staving off scrap hikes by sourcing from local DRI supplies. Indian imports have shown signs of catching up with the Turkish cfr level this week though. As with prices FOB Rotterdam, prices into India have pushed up more than $50 per tonne since the start of the year along with falling freight rates.
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