Hindustan Zinc cuts zinc price by 2.7%
Platts reported that the export price of HMS ferrous scrap in Europe gained by 21% or USD 60 per tonne to a midpoint of USD 345 per metric tonne FOB Rotterdam, based on transactions.
Meanwhile, the price of A3 ferrous scrap also gained by 9.5% or USD 32.50 per metric tonne to a midpoint of USD 375 per metric tonne FOB Black Sea, as Turkish steel mills scrambled to buy material for their predominantly long product mills.
Prices for US shredded ferrous scrap rose approximately by 14% on average between early November and early December.
The upsurge comes at a time when steel mills the world over are anticipating higher raw material prices in general and for scrap in particular. What's more, the Russian and Ukrainian winters traditionally make scrap collection and shipment difficult throughout the region.
As per report, US steel mills are said to be preparing to pay more for their scrap needs this month possibly substantially more based on strong demand, competition from offshore buyers and reduced scrap availability since early December. Therefore in all likelihood, the global scrap prices are likely to further o up in short term.Daimler inks JV with Hero Group for manufacturing trucks.
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