Turkish mills were largely inactive in the import scrap market over the week ended Friday August 27, while prices in key Asian markets were affected by the low levels of interest among mills for imported cargoes.

Prices for shredded steel scrap into Pakistan and India have decreased in the week to Friday August 27, sources told Fastmarkets.

Producers actions to reduce losses raise raw material costs, the market now braces for Q4 hikes

China's largest privately owned copper smelter, Dongying Fangyuan, has filed for bankruptcy, kicking off a debt-restructuring process, multiple sources claimed to Fastmarkets.

Increasingly higher bulk freight rates have resulted in deep-sea cargoes of ferrous scrap being offered at higher prices to Bangladesh in the past week, sources told Fastmarkets on Thursday August 20.

July imports of steel scrap to South Korea increased both on a month-on-month and year-on-year basis following another strong month in June, according to data from the Korea International Trade Association.

Aluminium premiums in Japan dropped by an average of $2.50 per tonne to $175-190 per tonne on Friday August 13, from $180-190 per tonne on August 10, with low buying interest weakening demand in recent weeks.

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.

The union at Escondida and BHP, the Chilean copper mine’s majority shareholder and operator, have agreed to extend wage negotiations until Friday August 13, so a deal can be signed and a strike averted.

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.