Steel scrap used to make new flat rolled and long steel products, saw their prices rise this past week according to industry sources. A recent Reuters report has both billet and scrap prices to Turkey rising compared to where they were a couple of weeks ago.

LONDON, Nov 26 (Reuters) - Black Sea billet prices rose this week as scrap pushed higher, but demand remained broadly weak and gains were spurred largely by producers' pushing prices higher, traders said.

Traders quoted Black Sea free-on-board (fob) billet at around $565-580 a tonne from $550-565 last week. Market players added that buying picked up from last week, when a religious holiday closed business in Turkey.

"Prices have firmed up a bit. The asking price is now starting to edge up towards $580," a trader said, adding there was some resistance at this level.

Scrap prices in Turkey, one of the world's top consumers of the steel-making ingredient, were at around $400 a tonne, up from $390-400 two weeks ago, traders said.

Here in the U.S. scrap prices are forecast to move higher next week as the domestic mills begin their December inventory buys of the product. The one item which will be watched closely is #1 busheling and other prime grades which are used in the mini-mill (Electric arc furnace) production of flat rolled steel.

Steel Market Update will be publishing more about both scrap prices and flat rolled steel prices in North American in our newsletter. You can register for a trial by clicking on the free trial logo on our website.