Near-term scrap futures contracts on the
Near-term scrap futures contracts on the
Platts, part of S&P Global Commodity Insights, assessed the September contract up
The backwardation over the September-October portion of the curve shifted into a soft contango, suggesting some futures traders expect scrap prices to strengthen slightly in the physical market in the near term.
The October-December portion of the forward curve shifted into backwardation, suggesting expectations of slightly softening prices into the fourth quarter.
Spot prices for physical imports of premium heavy melting scrap 1/2 (80:20) increased
Despite the relatively low volume of domestic finished steel sales and continued soft demand in
"All people can say with any amount of certitude is that the downtrend is most likely over, but people can't yet predict a stronger market," one EU recycler said.
Weekly LME scrap futures trading volumes over the week to
Near-term rebar futures contracts also saw strong gains over the week to
Platts assessed the September contract up
The near-term backwardation over the September-October portion of the forward curve shifted into a soft contango, suggesting that futures traders expect prices in the physical market to remain firm in the near term.
The backwardation over the October-December portion of the forward curve strengthened, suggesting expectations of a downward price trend for rebar in the physical market into the fourth quarter, albeit still at elevated levels.
Turkish physical rebar export prices gained
Some domestic rebar sales were also heard, amid restocking prior to an expected weakening in the Turkish lira following the Turkish central bank's decision to cut benchmark interest rates by 100 basis points to 12% on
One Iskenderun mill source sold 2,000-3,000 mt at
Rebar futures weekly trading volumes in the week on the
The daily outright spread between Turkish export rebar and import scrap was assessed at
Elsewhere, the LME Indian shredded scrap contract, which settles basis the Platts CFR Nhava Sheva shredded scrap assessment, traded
original source: https://www.win-road.com/news/futures-wrap-lme-scrap-contracts-see-gains-near-term-backwardation-shifts-into-soft-contango/
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