Swedish scrap prices marked the first recovery in August since the middle of April, Kallanish learns from national scrap association Järnbruksförnödenheter AB (JBF).
Each month, JBF publishes the applicable price changes for Swedish scrap grade No.11, which is offered to the supplier contracted for supplies during the following month. The association has signalled for an August recovery of SEK 70/tonne ($8.04/t).
Prices slipped in July after two months of stability in May and June. According to Kallanish price series, most European scrap indicators show prices have been on a new upward trend since early July, supported by stronger levels in the Turkish market. However, this week sentiment has turned in Turkey.
Swedish grade No.11 scrap is equivalent to scrap grade HMS1, or E3 in European steel scrap specifications.