DAILY STEEL SCRAP: Mills stay away from deep-sea purchases amid dwindling demand for rebar

Turkish steel producers extended their silence in the deep-sea scrap import markets amid weakening demand for finished long steel products, sources told Fastmarkets on Thursday June 3.

The most recent deep-sea trade was concluded at the end of last week, when a steel mill in the Marmara region booked a US cargo, comprising HMS 1&2 (80:20) at $503 per tonne and shredded scrap at $513 per tonne cfr.

Since then, steel mills in Turkey have stayed away from deep-sea scrap purchases because they have struggled to find buyers for their finished long steel goods.

The Turkish long steel export market has been quiet for the past seven days due to reduced demand from Southeast Asia, while the domestic long steel market has also been weak.

“Steel mills in Turkey are largely staying away from scrap purchases. They are mostly focused on finished long steel sales [so] they will not buy any scrap until they sell some rebar,” a Turkish mill source said.

As a result of lack of fresh trading activity, Fastmarkets’ daily scrap indices remained unchanged on Thursday June 3.

The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey remained at $495.27 per tonne on Thursday.

And the daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $501.22 per tonne on June 3, also flat day on day, leaving the premium for US material over European scrap at $5.95 per tonne.

What to read next
Fastmarkets confirms its decision to discontinue its two domestic European stainless steel base price assessments.
This strategic launch is designed to better delineate the relationship between these two competing steelmaking materials. The differentials offer the market a single reference price denoting the spread between Turkey import billet and No1 and No2 heavy melting scrap (80:20) and between Turkey import billet and shredded scrap exported from the US East Coast respectively. […]
The government of Finland was ramping-up support for its burgeoning battery materials supply chain through grants for facilities owned by Easpring Finland New Materials and Fortum Battery Recycling, the firms said on Thursday July 10.
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets launched two new price assessments for Indonesia’s domestic trade in nickel ore on Tuesday July 15. The two price assessments are for domestic trades of Indonesian laterite ores with 1.6% and 1.2% nickel content. Indonesia now accounts for 60% of the global nickel supplies and while there is an official government reference price, known […]
UK-based transport fuels supplier Greenergy announced on Thursday July 10 that it will begin the consultation process to cease production at its biodiesel plant in Immingham, in the northeast of the country, in the latest blow to the UK's renewable fuel sector.