Uptrend to reverse no sooner than early autumn

摘要

Export prices for CIS-origin scrap will be primarily influenced by thesituation in the global markets for finished steel and semis. Scrap supplierswill continue seeking to raise prices to the parity amid steadilyhigh longs quotes in August. At the same time, prices are expected todrop in Turkey already in September-October, both for finished products(by $55/t in total) and square billet (by $60/t in total), eventually resultingin lower import scrap quotes. However, given the fact that scrap usageremains more profitable than re-rolling of foreign billet, we expect scrapprices to decrease less substantially.