Turkish steel mills held back from the deep-sea scrap markets this week amid limited long steel demand in the country’s export and domestic markets. And the slowdown in Turkey stopped global scrap prices increasing further.
- Turkish steel mills focused on finished steel sales instead of scrap purchases
- Recent sales to Turkey and Bangladesh kept US export markets firm
- Weak steel markets in Vietnam cooled off scrap price rises
- Taiwanese buyers turn to US scrap with Japan on holiday
- Firm demand and limited supply drive Indian scrap import prices upward.
*** Turkey
The Turkish steel producers ended the working week on Friday August 14 with no purchases of deep-sea scrap, having focused on finished long steel sales instead. The steel mills in the country have booked a number of cargoes in recent weeks, with the latest transactions for HMS 1&2 (80:20) from the US and Baltic Sea done at $285 per tonne cfr at the end of last week. There were still deep-sea cargoes available for end-September and October shipments, but the mills were not showing any interest because demand for finished long steel products was also very weak in the export markets.
“Mills are now watching the domestic long steel markets and are not looking to buy deep-sea scrap for now, [but] the market will settle as soon as the currency fluctuations end,” a Turkish source said.
Pricing history
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.
*** United States
The US ferrous scrap export market was strong on both coasts, with cargoes sold in the past week at higher prices to Turkey and Bangladesh.
Pricing history
steel scrap wrap HMS 1&2 (80:20), export index, fob New York.
steel scrap shredded scrap, export index, fob New York.
steel scrap, HMS 1&2 (80:20), export index, fob Los Angeles.
*** Vietnam
Vietnam’s import scrap market was quiet this week, with holidays in Japan and sluggish steel markets dissuading further purchases. Vietnamese mills have benefited from the increase in Chinese billet imports this year, but Chinese buyers were avoiding further purchases due to slow rebar markets and high offers for billet.
Pricing history
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
*** Taiwan
Taiwanese buyers have turned to imported containerized ferrous scrap from the US West Coast over the past week due to the absence of Japanese scrap in the market. But market sources expected Japanese scrapyards to maintain offers at high levels when Japan returns from holiday next week, with only a limited chance that prices might fall in the near term.
Pricing history
steel scrap wrap , HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.
***India
The price of ferrous scrap imported into India in containers has increased over the past week, supported by better demand and reduced availability.
Pricing history
steel scrap, shredded, index, import, cfr Nhava Sheva, India.
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