It is reported that steel scrap prices have surged in last 15 days and seem to have hit the peak and could correct a bit in coming days.
1. FOB Rotterdam - Prices of steel scrap E1/E2 <=6 & >3 mm have gone up by EUR 30 per tonne to EUR 4 per tonne, which translate to USD 40 per tonne to USD 50 per tonne hike considering exchange rate of 1.3387.
2. CFR Turkey - Import prices of scrap A3 500x500x1500 have seen increase of USD 30 per tonne to USD 40 per tonne during this week