- 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.
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.
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.
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.
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.
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.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
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.
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.
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.