The resurgence in billet prices at Black Sea last week has strengthened the sentiment in globs scrap market a bit.
Scrap price offer from sellers in Turkey were at USD 375 per tonne to USD 380 per tonne up from buyers bid of USD 355 per tonne to USD 375 per tonne in the previous week. But market optimism was limited, with traders saying the price rise was partly being pushed by producers, not just pulled by demand and transactions are lacking.
But market players believe that the rally in billet prices is led by Iranian demand, which may not last for long thus putting billets in reverse gear effecting scrap scenario.