• Turkish mills book handful of cargoes for requirements
  • US sees limited export transactions
  • China demand weak amid more production cuts
  • Vietnam spot liquidity limited due to holidays
  • Taiwan looks toward Japanese scrap
  • Indian prices steady in recent trades.

Turkish steel mills booked a handful of scrap cargoes this week, but strictly to cover requirements amid poor sales of finished steel in the export and domestic markets.

Buyers were heard bidding as much as $10 per tonne lower than previous transactions, but did not manage to book any materials.

A short working week, due to public holidays in Turkey and the UK on August 30, also limited spot trading activity.

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 saw limited transactions to key import markets in Turkey and Asia 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.

More production cuts announced in various parts of China have added further uncertainty to market sentiment, with buyers continuing to bid at levels far below offers for Japanese HS scrap.

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

Spot liquidity was limited by a four-day holiday starting from September 2. The worsening Covid-19 pandemic also damped import demand.

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

Buyers of containerized scrap were increasingly looking toward bulk supplies of Japanese H1&H2 (50:50) to fill a supply gap.

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

Prices for shredded steel scrap into India remained steady after trading activity was resumed.

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