The global levels of scrap trade remained depressed as the buyers in South East Asia as well as Turkey expressed little interest in buying.

It is understood that Chinese buyers were totally absent from the market depressing sentiments. They are expected to return to the market after Lunar Holidays and we may see a surge in prices again.

Scrap prices in Japan and South Korea also came under pressure last week. South Korean buyers are also expected to resume buying after Lunar Holidays further strengthening global levels.

In addition, Turkish steel mills, despite low availability from Europe, remained absent from the game and is likely they shall resume buying soon.

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(Sourced from www.steelprices-europe.com)