<span>Ferrous scrap transaction values fell in the European Union and India in February. Effective selling figures in the US domestic market also declined. The downward movement was the result of smaller buying volumes by local mills. Most purchased a substantial quantity of material in January.<br> Positive price growth materialised in Russia and South Africa. In China, provincial ferrous scrap quotations increased by more than 5 percent. Domestic steelmakers issued higher purchasing prices to secure supplies. Inventories were allowed to rundown ahead of the Chinese New Year festival.Purchasing prices in Japan were raised to guarantee supplies, following a tightening of supply and firm overseas demand. The current scrap deficit is not expected to narrow until the winter weather ends.<br> Billet transaction values recorded positive growth in India and Pakistan this month. Chinese offers increased by over 3.5 percent due to reduced availability and restocking activity. The recent tightening in credit conditions is expected to impede the upward movement.<span class="apple-converted-space"> </span><br> Turkish re-rollers became inactive in February, following the roll back in long product quotations. Imported material from the CIS remained unattractive. The negative market has been compounded by the political situation in the Middle East and North Africa as well as the drop in ferrous scrap quotations.<br> Difficult trading conditions persisted in Iran. Local steelworks continued to adopt a “wait and see” approach. Re-rollers sourced imported billet sporadically. In local currency terms, South African billet offers were unchanged. However, a significant increase is anticipated in March, owing to rising raw material costs.<br> <a href="http://www.meps.co.uk/CIS%20Steel%20Price.htm"><span><font size="3" face="Times New Roman">CIS</font></span></a><span class="apple-converted-space"> </span>exporters faced arduous trading conditions in overseas markets. Suppliers operating in the Black Sea and Caspian Sea ports were forced to issue lower quotations, following negative price sentiment and a shortage of active buyers. Selling figures in the Far East were more stable</span>