Cheaper Russian and Iranian billet supply has impacted global scrap trade, including in Turkey and India. EAF and IF mills have shifted their focus to importing billet over scrap, resulting in scrap suppliers dropping offers to secure sales.
This week, offers and deal prices in India plunged dramatically, with bookings indicating prices have touched the recent bottom, with very minimal scope for further falls, Kallanish learns from sources.
Offers for UK-origin s…
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