This was due to the continued demand for steelmaking raw materials and the current high prices for alternative iron ore feedstock, they said.
- Turkish scrap import prices spike
- Sentiment in US remains bullish
- Possible $485 per tonne cfr deal in Vietnam
- China returns from holiday to booming steel prices
- Taiwan sees price uptick on tight supply
- India prices move up but buyers hesitate.
Turkey
The sudden increase in import prices in the key market of Turkey caught market participants by surprise.
Turkish steel mills booked materials at prices as high as $479-480 per tonne cfr on May 6, compared with $471 per tonne cfr on May 5.
Downstream export prices for steel rebar and billet also supported the prices increases, especially with the news of China cancelling export rebates and imposing zero-rate duties on semi-finished steel.
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
Bullish sentiment in the US prevailed because of the rocketing prices in Turkey. Unforeseen demand-side fundamentals were also supporting domestic price negotiations.
Pricing history
steel scrap 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
There was a transaction heard at $480 per tonne cfr Vietnam for a Japanese H2-grade cargo, and another heard concluded at $485 per tonne cfr Vietnam for a bulk deep-sea cargo.
Pricing history
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
China
China returned from its week-long Labor Day holiday to a booming steel and scrap market, causing import prices to increase.
Pricing history
steel scrap, heavy recycled steel materials, cfr China.
Taiwan
A dearth of cargoes has led to prices increasing, with sellers withholding offers on expectations of further price rises.
Pricing history
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.
India
Prices for shredded scrap into India moved up throughout the week but buyers were hesitant about booking material due to the Covid-19 outbreak in the country.
Pricing history
steel scrap, shredded, index, import, cfr Nhava Sheva, India.
