DAILY STEEL SCRAP: Fresh US cargo pushes up prices

Turkish steel mills continued to book deep-sea scrap for August shipment at slightly higher prices, market sources said on Thursday July 8.

A steel mill in the Iskenderun region booked a US cargo, comprising HMS 1&2 (90:10) at $498 per tonne, shredded and plate & structural (P&S) at $516. The composition of the cargo was not shared by the parties involved.

This compares with deep-sea bookings heard on Wednesday July 7 at $514 and $515 per tonne cfr on a shredded basis.

Fastmarkets’ daily scrap indices edged up in response to Thursday’s deal.

The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $493.25 per tonne on Thursday, up by $1.29 per tonne.

And Fastmarkets’ corresponding index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $500.89 per tonne on July 8, up by $1.30 per tonne, putting the premium for US material over European scrap at $7.64 per tonne on July 8, compared with $7.63 per tonne on July 7.

What to read next
Any bolstering effect on US ferrous scrap exports from the up-month in February’s domestic trade will be tempered in the immediate aftermath of two earthquakes in Turkey — the country’s largest importing region — on Monday, February 6
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.