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Scandinavia is now seeing the first signs of spring. The days are gradually becoming lighter for longer - but it can be difficult to see the light when it comes to the recycled steel markets.

Dealers in Northern Europe are continuing to suffer the effects of very low industrial activity, leading to a falling supply of recycled steel and thus to extremely tough competition for the quantities offered. Some supplier segments are talking in terms of a 20-30% decline compared to previous years. Hopefully, falling inflation and the prospect of lower interest rates can restore some optimism to industry.

The Turkish market for recycled steel is relatively stable at present; since mid-December, the price has been floating between US$ 410 and US$ 425 per tonne CIF Turkey.

For the moment, the Indian market is not competitive when compared to sales in Europe and Turkey; indeed, many expect that the Indian market will not return to an attractive level until after the upcoming parliamentary elections. In addition, the current conflict in the Red Sea has led to significant increases in container freight rates.

There is still great uncertainty surrounding Pakistan owing to a lack of access to foreign exchange and to very long processing times for letters of credit.