Scrap prices are now stabilised and stopped its sliding. They even started picking up in various markets. However, any further rise after the recent rebound is unpredictable, given weak demand fundamentals in key markets. This implies that scrap prices will be waiting for support from billets and long steel prices.

It is hard to get a clear picture of the steel prices at the moment as steel producers in markets such as Turkey are utilising half of their production capacities.

Turkey, which is the largest importer of scrap, is also not expecting any significant developments in demand. Its exports market is also performing badly.