Global Scrap Metal Prices Held Steady in May

In the short term, Turkish scrap prices are expected to remain largely stable.

SEATTLE (Scrap Monster): According to latest report published by GMK Center, the global scrap metal prices stabilized during the month of May this year.

The quotes for HMS 1&2 80:20 scrap on the Turkish market as on the week ending 27th May, 2024 ranged between $378/t and $380/t CFR, which is more or less unchanged when compared with the prior week and down marginally by 1.3% from the start of the month. The fluctuation in prices was limited to within $5/t during the entire month. It must be noted that the Turkish scrap prices had exceeded levels of $400/t during the initial months of the current year.

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In the short term, Turkish scrap prices are expected to remain largely stable. GMK Center anticipates negative prospects to steel and scrap market.

The European market witnessed mixed trend during the month. The E8 Light New Scrap in Italy rose by €10/t to €380-410/t Ex-Works in May, the E3 prices in Germany held steady at €340-355/t Ex-Works. The Italian scrap market had reached €420/t, but witnessed decline thereafter due to dip in market consumption.

Among other regions, North America recorded marginal decline in prices. The Chinese scrap metal prices saw improvement in May, mainly driven by rising prospects for steel consumption, despite being volatile.

GMK Center shared negative outlook for global scrap market.

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