It is learnt that recent flurry in buying by Turkey has led to escalation in steel scrap price. International offers has also boosted up to USD 375-380 per tonne CFR since major buyers in Turkey have again started procuring Scrap.

Turkish mills exhibited typical pattern of switch off and on depending on the market price levels. After shedding initial sluggishness owing to currency instability and poor capacity utilization of the mills, buying commenced after price levels reached low point at USD 345-350 per tonne about a month back.

Even though scrap availability has improved hike in scrap levels in USA has led to speculation about further hike in scrap levels sending the mills in buying spree.

Scrap levels are expected to cross the USD 400 per tonne mark if the present trend of buying continues.