Fastmarkets today launches two daily indices for cfr China ferrous scrap prices, reported on a US-dollar-per-tonne basis.

Global ferrous scrap prices have continued to fall in the week to August 13 due to high freight rates, Covid-19 outbreaks in importing countries and poor downstream steel demand.

Spot prices for imported containerized ferrous scrap in Taiwan started rebounding in the week to Friday August 13 due to increasing seller reluctance to offer lower prices given the widening price gap with bulk cargoes, market sources told Fastmarkets.

Steel scrap prices in the key global markets moved down over the week to Friday August 6 with demand for material remaining tepid.

Spot prices for imported containerized ferrous scrap in Taiwan continued on a downward trend in the week to Friday August 6 amid the current buyers' market caused by poor demand, market sources told Fastmarkets.

The Vietnamese steel market remained in a state of shutdown during the week ended Friday July 30 due to a worsening of the Covid-19 pandemic situation in the country, which limited interest in imported scrap, sources told Fastmarkets.

The Turkish steel mills continued to limit their deep-sea scrap bookings in the week ended Friday July 16 due to weak finished steel sales, while the downturn in the country had a knock-on effect on prices in the global markets.

The Vietnam Steel Association (VSA) is leading an industry-wide pushback against the country’s proposed export tax of 5% on steel billet, it said on Friday July 23.

Automotive producers are likely to be the first downstream sector to shift toward using “green steel,” Saudi Arabian steel producer Sulb Co's chief executive Ravi Singh told delegates at the Singapore Steel Forum 2021 on Wednesday July 14.

Fastmarkets proposes to launch two indices for cfr China ferrous scrap prices.