After two months long price dropping, the global scrap price seems to rebound in early June. In Turket, the new scrap purchasing price has risen US$5/M recently from US$324/MT to US$329/MT. According to scrap trader's explain, it might because of the coming Ramadan which caused Turkey's electric furnace mills have to purchase for stock.
On the other hand, the scrap price has kept going down in U.S. domestic market as most market buyers' expected, but the price dropping level was lower than expecting.
Some U.S. market participants said the current raising carbon flat steel price will help scrap demand to increase in U.S. and this might be the reason for scrap price not to fall further in domestic market.