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It has been a hard winter for Scandinavian recyclers. The combination of falling selling prices for recycled steel and reduced access to volumes is always challenging for industry players. The fierce battles for volume often mean lower margins and earnings, and many operators are having a hard time at present. However, both interest rates and inflation appear to be falling, raising hopes that better times are on the way.

The Turkish recycled steel market remains very important for Scandinavian operators. Since the beginning of March, the price of HMS 80/20 C&F Turkey has been between US$ 379 and US$ 390 per tonne. Although this is a relatively reasonable level from a historical perspective, it is not an expression of great activity and buying interest. On the contrary, the number of trades appears to be at a level which provides only those quantities necessary for Turkish steel mills to produce at minimum capacity.

There is currently some improvement in buying interest from Pakistan and India. The competitiveness of these markets has been strongly stimulated by falling freight rates in recent months.