Brazilian domestic ferrous scrap prices rose sharply in the second week of August on the back of increased demand for both domestic and export markets, dealers said Monday.
Platts' weekly assessment of clean steel scrap inched up 18.3%, or Real 82.50/mt, to Real 532.50/mt, based on a range of Real 515-550/mt for bids, offers and deals. Last week, prices were at Real 450/mt, based on a range of Real 440-460/mt.
The weekly heavy melting scrap I & II assessment increased 18.1%, or Real 80/mt, to Real 520/mt, based on a new range of Real 500-540/mt. The last price was at Real 440/mt, or a Real 430-450/mt range.
The turnings assessment rose 7.4%, or Real 25/mt, to Real 360/mt, based on a range of Real 350-370/mt. Last week, prices were at Real 335/mt, based on a range of Real 320-350/mt. All prices are on a delivered-to-mill basis.
"I am happy with the current market situation because I am selling for domestic market and also exporting," a scrap dealer said. "Market is going better and I'm seeing a higher procurement for the raw material."
A second dealer confirmed sales at higher prices given the heated demand.
"I cannot complain about the market right now. I am working a lot and seeing a much better scenario. I hope things get even better."
