Scrap futures lead the spot price higher, while coking coal gets a 'shake up'

摘要

Since February the spot price for imported ferrous scrap to Turkey has been in a sharp decline, from $330/mt on February 12 to $222.25/mt on September 30, which was a low for 2019. Futures were lagging behind, and the forward curve was in steep contango on the last day of September with the Jan-20 contract priced at $251/mt. Sentiment was clearly that the spot price would bounce back, and indeed October saw a strong recovery in prices.