- Turkey continues to book more deep-sea cargoes
- United States prices move up on Turkish buying
- Vietnam scrap gets swept up in global increase
- Taiwan fails to halt price increases
- India sees improvement on price despite weak sentiment
Turkey booked eight deep-sea cargoes, totaling almost 250,000 tonnes, from the US and the Baltic Sea at increasing prices across the trading week.
The upward movement in Turkey’s scrap prices was driven by firm demand and improving iron ore prices, which has boosted sentiment globally, with other scrap markets also being pushed higher.
Steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey
Steel scrap HMS 1&2 (80:20), US origin, cfr Turkey
US ferrous scrap export prices were also higher this week following a number of sales to Turkey.
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
The price of scrap imported into Vietnam surged in the week to Friday in line with the increases seen in other parts of the world.
Steel scrap, HMS 1&2 (80:20), cfr Vietnam
Taiwan reported a continued increase in scrap prices over the week despite buyers attempts to halt these increases.
Steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan
India reported higher scrap prices this week despite market expectations for demand to remain subdued until later in the year.
Steel scrap, shredded, index, import, cfr Nhava Sheva, India