The price of imported ferrous scrap in Turkey rose to $ 510 per tonne per ton on Tuesday, amid skyrocketing steel billet quotations in response to a sharp increase in steel prices in China yesterday morning.
Significant strengthening of the Chinese steel market over the weekend resulted in a spread of more than $ 250 per tonne from Turkish to Chinese rebar prices after Chinese bids were submitted yesterday morning at $ 150 per ton higher than the previous business day .
Prices for Turkish rebar have soared by $ 50 per day and are above $ 770 per ton. The billet has risen in price by $ 90 since Monday and on Tuesday was sold at $ 700 per ton.
Previously it was reported that in March Ukrzaliznytsia held 11 auctions for the sale of scrap metal worth half a billion hryvnia with an average selling price of 6,645 hryvnia (approximately $ 238) per ton, which is 1.4% more than the average starting price.
Then in Derzhzovnishinform warned that, Considering the unfavorable situation on the domestic market and high prices and further growth of prices for scrap in the export direction, Ukrzaliznytsya should have postponed the sale of scrap or, given the volume of sales, create conditions for the purchase of scrap by exporters.