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 40 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