Steelmakers in South Korea have been priced out of the deep-sea scrap market following deals by mills in Vietnam and Bangladesh over the past week, sources told Fastmarkets on Friday September 17.

Base metals prices on the LME and SHFE were mixed on the morning of Friday September 17, with most remaining listless despite being buffeted by a firmer US dollar, generally weaker economic data and disruption to both production and supply.

Base metals prices on the London Metal Exchange largely edged up on the morning of Wednesday September 15 after a day of weakness, but those on the Shanghai Futures Exchange were weaker because they followed movements in London on Tuesday and reacted to weaker Chinese economic data.

Fourth quarter negotiations for aluminium into Main Japanese Ports (MJP) between producers and market participants have been extended for another week, with negotiations now expected to conclude on Friday September 17.

Turkey returned to the deep-sea steel scrap market with renewed vigor in the week to Friday September 10 although regional mills kept their prices stable at lower levels while those in Asia went up on healthy demand over the period.

Base metals prices were higher on both the LME and the SHFE this morning, Friday September 10, with the broader markets also up. Additionally, metals that were previously looking vulnerable now look less vulnerable, suggesting traders are still comfortable being exposed to the metals.

Traditional relationships between prime steel scrap and lower-grade material in key Asian markets have shattered over recent months, market sources told Fastmarkets in early September 2021.

Steel billet buyers in China have continued to make import purchases in recent days amid expectations that further domestic production cuts will be imposed at the start of next year, sources told Fastmarkets on Tuesday September 7.

Poor demand in key import markets in Turkey and Asia continued to pull steel scrap prices downward in the week ended Friday September 3. High freight costs and a lack of container ships also damped spot trading liquidity.

Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were mixed on the morning of Friday September 3, but overall the picture is one of consolidation ahead of today's employment report from the United States.