Scrap prices in the Benelux maintained their uptrend on Monday amid the continuing weakening of the euro and thin material inflow, Kallanish notes.

On Monday, dock prices in the Benelux were reported mostly at €260-265/tonne ($289-291.5) delivered, up from €250/t seen a week earlier.

As domestic suppliers refrained from providing material at €250/t early last week, Benelux exporters were forced to raise their dock prices gradually, supported by a weaker euro that favoured exporters.

The further weakening of the euro to $1.11 on Monday – following the US-China agreement to reduce tariffs during a 90-day pause, which has eased global sentiment – prompted Benelux exporters to raise dock prices to as high as €265/t.

In the Turkish market, deals from the EU and UK were concluded at $333/t and $335/t cfr Türkiye respectively last week.

Rumours surfaced on Monday of three sales, for HMS 1&2 80:20 at $339/t and $334/t cfr respectively from Germany on Friday and from the Netherlands on Wednesday, and at average $357/t cfr for HMS 1&2 95:5 and bonus grade from Russia on Friday.

Market participants expect this week to be livelier in terms of scrap purchases due to Türkiye’s unfilled June-shipment requirements.

However, the likelihood of Turkish mills accepting higher scrap prices will hinge entirely on developments in finished steel sales and imported billet offers. While some market participants anticipate an increase in China-origin billet offers following Monday’s tariff pause news, others remain sceptical, questioning the sustainability of the recent optimism seen in Chinese steel futures.

A scrap suppliers finds workable prices at $333-337/t from the EU, $338-339/t from the Baltic and $339-342/t cfr Türkiye from the US.

Another supplier believes higher values will be achieved due to costlier billet offers.

In India, the scrap import market remained subdued last week due to cautious buying amid the approaching monsoon, weak domestic steel demand, and geopolitical concerns. Containerised shredded offers from the EU and UK stood at $370-375/t cfr Nhava Sheva, although buyers’ bids were lower. Meanwhile, buyers resisted offers at above $350/t cfr for HMS 1&2 80:20.