Turkish mills have been forced to pay $6 per tonne more for United States-origin ferrous scrap with the extreme curtailment of Black Sea billet shipments into global markets acutely intensifying demand for Turkish material, and there are more hefty increases for US ferrous scrap export prices on the horizon, sources told Fastmarkets
Turkey returned to the deep-sea steel scrap market with renewed vigor in the week to Friday September 10 although regional mills kept their prices stable at lower levels while those in Asia went up on healthy demand over the period.
Poor demand in key import markets in Turkey and Asia continued to pull steel scrap prices downward in the week ended Friday September 3. High freight costs and a lack of container ships also damped spot trading liquidity.
Turkish mills were largely inactive in the import scrap market over the week ended Friday August 27, while prices in key Asian markets were affected by the low levels of interest among mills for imported cargoes.
The Turkish steel mills continued to limit their deep-sea scrap bookings in the week ended Friday July 16 due to weak finished steel sales, while the downturn in the country had a knock-on effect on prices in the global markets.
The Russian government has approved temporary export duties on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), which are set to take effect from August 1 through December 31, according to an official government decree.
