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Poll: One World Commodities Scrap Market Sentiment

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)?

Industry consensus has us in for a leg down in spot prices……

“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.

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