Soaring billet and rebar prices in Asia were factors in allowing Turkish import scrap prices to rise earlier this month, but despite a large downturn in many Asian ferrous markets this week - including China and Taiwan - Turkish scrap prices have so far been undeterred.
  • Turkey books more cargoes, prices edge upwards
  • US bulk offer prices increase on both coasts
  • Vietnamese import prices reverse following weakening sentiment
  • Chinese scrap buyers spooked by crashing futures, ferrous prices
  • Taiwanese buyers drop bid prices amid weaker steel markets
  • Indian prices continue to rise despite souring sentiment 
Turkey
The bellwether Turkish import scrap market booked more July shipment cargoes over the past week, with most bookings originating in the Baltic Sea region.

Turkish scrap prices are being supported by strong export rebar prices with steel producers in Turkey offering the material at $780-790 per tonne fob on an actual-weight basis this week.

Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey was $780-790 per tonne on Thursday, up from last week’s $740-790 per tonne.

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
Offers for heavy melting scrap from the US East and West Coasts continued to rise, reaching as high as $510 per tonne cfr Turkey and $550 per tonne cfr Bangladesh for deep-sea HMS 1&2 (80:20), but no new deals were confirmed this week.

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
Import prices for steel scrap in Vietnam fell in the week to Friday May 21 amid a downturn in sentiment across many of Asia's steel and ferrous scrap markets, sources said.

Pricing history

Steel scrap, HMS 1&2 (80:20), cfr Vietnam.

China
Chinese steel scrap importers largely stayed away from booking imports of scrap over the past week, while they watch daily falls in ferrous futures and local steel prices, sources said.

Pricing history
Steel scrap, heavy recycled steel materials, cfr China.

Taiwan
Falling prices across the whole ferrous supply chain in key Asian markets has cooled prices for containerized ferrous scrap in the Taiwanese import market.

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

India
Prices for shredded steel scrap into India continued to rise despite a souring of market sentiment.

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