Mammoth steel-scrap margins and high-grade premiums prevalent in recent months are likely to persist in the short term but should fall away by the end of the year, panelists at the ferrous session of this week’s Bureau of International Recycling (BIR) Convention said.

Five grades of steel scrap will no longer need to undergo customs inspections at ports in China when they are imported into the country, beginning on June 10.

Fastmarkets invites feedback on its Taiwan steel scrap price assessment as part of its annual methodology review process, in compliance with the International Organization of Securities Commissions (Iosco) principles for price reporting agencies.

Global steel scrap prices dropped in the week to Friday May 28 on poor sentiment resulting from a weaker Chinese market and a softening of the Turkish market.

Import prices for ferrous scrap in Vietnam continued to fall in the week to Friday May 28 due to sentiment weakened by plunging steel prices in China recently.

Market chatter about China possibly imposing new export taxes for steel as part of commodity price cooling measures has been rampant in the past week, causing traders and market participants to re-think their trading strategies, and overseas buyers to consider a potential supply shortfall.

A handful of recent cargoes of shredded steel scrap have successfully cleared through Chinese ports, raising hopes across the market that China may start to import more of this key material grade in the near future.

Turkish steel scrap import prices have so far held firm despite a sharp drop in China’s steel and scrap markets this week.

Cooling sentiment in the entire ferrous supply chain in Asia has cooled import prices for containerized ferrous scrap in the key Taiwanese market, sources said on May 21.

Import prices for steel scrap to Bangladesh continued to rise during the week to Thursday May 20, with buyers increasingly searching for tonnages, sources told Fastmarkets.