• Turkey import prices spike amid limited supply, firm demand
• Further price increases expected in US export market
• High prices dissuade Vietnam buyers from more deals
• China scrap demand recovers amid less stringent power restrictions
• Taiwan market rises with offers being withheld
• Indian prices continue to climb.
Import prices for steel scrap have ballooned in the key Turkish import market this week, amid stronger demand from steel producers in the country.
Turkish steelmakers have booked at least 10 cargoes this week from the United States, Europe and the Baltic Sea, at increasingly high prices.
“Scrap suppliers [were] caught with less material when the market started to turn. That is one of the main drivers of the price trend,” a Turkish mill source told Fastmarkets. “Demand in Turkey is strong due to low scrap stocks, and this is supporting higher prices.”
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.
A rise in demand for scrap among Turkish mills, together with rising export prices from Europe, led to predictions that US export prices would continue to rise.
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.
Imported scrap prices in Vietnam rose again week on week amid rising offers, but the higher prices have led to a drop in buying interest, sources told Fastmarkets.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Demand for steel scrap in China has been boosted by less stringent restrictions on power supply in some areas of the country, and increased scrap intake volumes at some mills as a result, sources told Fastmarkets.
steel scrap, heavy recycled steel materials, cfr China.
Import prices for containerized steel scrap into Taiwan continued to rise this week amid strong demand and limited supplies.
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.
Prices for shredded steel scrap imported India increased further, with trading reported throughout the week.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.
Higher demand in key consumer markets led to a jump in steel scrap prices across all major markets in the week to Friday October 15, sources have told Fastmarkets.