Weekly LME scrap futures trading volumes for the week ended October 31 rose marginally to 281,910 tonnes, up from 218,830 tonnes for the week ended October 24.
Platts assessed spot prices for physical Imports of high-grade heavy steel scrap 1/2 (80:20) by $2/tonne for the week to $363/tonne CFR on October 31 on the back of stable collection costs in the Benelux region and cautious optimism among traders ahead of the presidential election in the US as industry participants assess the potential for a market recovery amid geopolitical uncertainty and demand fluctuations.
The October-January portion of the LME Turkish scrap futures forward curve entered sharp contango, indicating market expectations for price increases in the near term.
LME rebar futures trading volumes fell for the week ended October 31 as market sources continued to report wide bid-ask spreads that limited market activity.
LME rebar futures weekly trading volumes fell to 7,660 tonnes for the week ended 31 October, down from 10,250 tonnes for the week ended 24 October.
Turkish rebar futures forward curve segment on the LME for October-January maintained a contango structure, indicating that futures traders expect prices for Turkish rebar on the physical market to follow an upward trend in the near term.
According to Platts estimates, Turkish export rebar was $590 per tonne FOB, down $2.50 per tonne from the week ended October 24.
Platts is part of S&P Global Commodity Insights.
