• Turkish buyers had to pay a premium for US-origin shredded scrap
  • US export market reported new sales to Turkey
  • Solid demand in Vietnam resulted in higher prices
  • China reported stability in imported scrap prices
  • Competition for scrap on the Taiwan market was linked to higher prices
  • Indian scrap prices moved up despite weaker sentiment.

Turkey
Turkish steel mills booked just two cargoes this week, on the same day, with prices moving down by $10 per tonne from June 11. Mills were said to be keen to obtain sales of finished steel before booking further scrap cargoes.

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
Export prices for HMS 1&2 and shredded scrap sold to Turkey from the US East Coast took different directions in two cargo sales reported early this week. A clear preference has emerged for shredded material, which went for $7 per tonne more than in recent sales, while HMS prices were down by $2-3 per tonne.

The spread between HMS and shredded, typically $5 per tonne, widened to $19-20 per tonne on the basis of these sales, with domestic mills’ own significant appetite for the latter grade forcing Turkish importers to pay more for shredded material.

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
Prices have increased amid stable demand for US- and Hong Kong-origin materials, and higher Japanese offers.

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

China
Prices in China were largely stable because the import arbitrage window remained closed.

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

Taiwan
Taiwanese buyers purchased cargoes at higher prices this week amid competition for supplies in the bulk-shipment markets.

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

India
Prices for scrap imported into India rose on active purchasing that tailed off toward the end of the week following a change in sentiment.

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