As reported by Recycling International, ferrous scrap prices have returned to their early-June levels, after a drop in June and early July.

This change has been observed in spite of the events witnessed during this period, such as the UK’s vote for leaving the EU and the failed coup attempt in Turkey, who is the world’s leading importer of steel scrap.

Regardless of the deep political uncertainty, which these events have created, scrap is still being purchased and latest cfr price for shipments from Europe to Turkey are indicated US$ 220-225 per ton (for standard quality HMS I/II 80/20 scrap mix & US$ 225-230 for shredded).

Meanwhile, the World Steel Association has reportedly shown, that only four of the world’s leading steelmaking nations recorded year-on-year production gains in the first half of 2016: India (+2.7% to 46.384 million tons); the USA (+0.2% to 40.064 million tons); Turkey (+3.2% to 16.491 million tons); and Ukraine (+10.3% to 12.413 million tons). Despite an increase in June, China produced 1.1% less steel at 399.56 million tons.

Article source: Recycling International