As expected, there was no noticeable upturn on the German ferrous scrap market in November. Most steel mills in Germany and nearby European markets were once again reluctant to buy scrap in light of their ongoing weak order situation and the planned shutdowns over the Christmas holidays. On the other hand, Turkish steel buyers were signalling a greater need for scrap and were also prepared to pay more for imports again. Thanks to this momentum from the export market, the price cuts that some traders had been fearing at the beginning of the month did not materialise on the German market.
At the same time, the local mills felt no need to match the temporary surge in export prices and were usually able to maintain prices at the previous month's level....
