The results from the latest One World Commodities survey are in – 42 of the scrap business’ most important players responded to the following question posed:
Which threshold will be reached first over the coming days and weeks: $268/mt or $288/mt CFR Turkey for deep sea cargoes of HMS 1&2 (80:20)?
“My vote’s not included, but I’d be voting with the pack on $268/mt,” said Paul.
“My reasons for thinking this are we don’t need a strongly bearish market to dip to $268/mt – in many sourcing markets (Benelux being an exception), the collection prices never rose to match $280/mt sales after the last run up,” he explained.
“Additionally, there will be a lot more scrap destined for the docks as the container crisis gets into full steam in the next few weeks.”
Paul Bridgman is an extremely well-respected ferrous scrap market veteran and active steel futures market participant.
His company One World Commodities Ltd is a leading provider of solutions to physical market participants all around the world.
Please reach out to us if you would like to participate in future surveys.
