• Turkish purchases continue
  • US exporters see brisk spot trade
  • Vietnam continues to purchase on strong demand
  • Electricity rationing in Taiwan fails to limit price rises
  • India continues recovery.

Turkey
Spot-market demand in Turkey was strong this week due to the easing of Covid-19-related measures in the country. Steel mills were actively purchasing cargoes from the United States, Canada and the Baltic Sea region.

Turkish steel producers booked at least five deep-sea cargoes totaling 150,000 tonnes this week.

Import prices inched up throughout the week on a recovery in steel demand, as well as announcements of support packages by local banks. The number of Covid-19-related deaths in the country has also dropped.

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 showed brisk spot activity off both coasts of the country, with Turkey, India, Pakistan and Taiwan all purchasing materials.

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
Spot prices continued to increase in the key import market of Vietnam on steady procurement by local steel mills. Offers of deep-sea HMS 1&2 (80:20) cargoes were heard at $275 per tonne cfr Vietnam. There was market chatter about a transaction at $265-270 per tonne cfr Vietnam, but this could not be confirmed at the time of publication.

Pricing history
steel scrap, HMS 1&2 (80:20), cfr Vietnam.

Taiwan
Import prices for ferrous scrap in Taiwan continued to increase over the week due to stable demand and tighter supply. Transactions for containerized cargoes of HMS 1&2 (80:20) from the US West Coast were concluded at $238-240 per tonne cfr, up by $5-6 per tonne from $233-234 per tonne week on week.

Pricing history
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.

India
The price of containerized ferrous scrap imports into India maintained its upward momentum with the market on the easing of Covid-19-related lockdown restrictions. Most market sources reported offers for shredded material at $280-285 per tonne, up from $270-285 per tonne last week.

Pricing history
steel scrap, shredded, index, import, cfr Nhava Sheva, India.