Turkish steel producers took a break from making deep-sea scrap purchases on Monday May 10 after last week’s buying spree that raised prices by $39 per tonne week on week, sources told Fastmarkets.

Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were, for the most part, a lot stronger this morning, Monday May 10, but broader markets were mixed.

Global steel scrap prices surged in the week to Friday May 7 and could well break through the $500 per tonne cfr mark, starting in Asia, market sources have told Fastmarkets.

Prices for shredded steel scrap imported into South Asia continued to rise on Friday May 7 but buyers were hesitant about booking material, sources have told Fastmarkets.

Turkish deep-sea scrap import prices continued to rise in the latest bookings agreed for June shipments, market sources said on Friday May 7.

Construction work will restart in the near future at the Kniwana lithium hydroxide plant in Western Australia after Australia-based exploration and mining company IGO joined the venture at the end of 2020, a spokesperson at joint-owner Tianqi told Fastmarkets on Tuesday May 4.

Seaborne coking coal prices continued to increase in the cfr market on Friday May 7 amid expectations of further tight supply beause of the political tensions between China and Australia, market sources said. The fob market remained largely stable on the day amid soft buying activity.

China’s new and stricter steel capacity swap ratios will cool the overheated steelmaking raw materials market and pave the way for more electric-arc furnaces to be used in its mammoth steel industry, market sources told Fastmarkets this week.

Import prices for ferrous scrap in Vietnam increased during the week to Friday May 7 on bullish sentiment in the spot market, and could break the $500-per-tonne-cfr-Vietnam mark for bulk cargoes, industry sources told Fastmarkets.

Base metals prices on the London Metal Exchange and the Shanghai Futures Exchange were for the most part stronger this morning, Friday May 7, as were broader markets.