DAILY STEEL SCRAP: Prices down $24 per tonne on news of latest UK trade

Turkish scrap import prices have gone down, as expected, with news of a UK cargo being sold at the end of last week coming to light on Thursday March 25.

A steel mill in the Marmara region booked the cargo at $410-413 per tonne cfr on an HMS 1&2 (80:20) basis. The cargo breakdown was not clear at the time of publication.

This compared with previous Baltic Sea cargoes sold at $435-437 per tonne cfr on an HMS 1&2 (80:20) basis on March 12.

As a result, the daily scrap indices went down sharply on March 25.

Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $404.66 per tonne on Thursday, down by $24.15 per tonne day on day.

And the daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $414.02 per tonne, also down by $24.15 per tonne day on day, leaving the premium for US material over European scrap at $9.36 per tonne on March 25.

Turkish steelmakers continued to stay away from deep-sea scrap purchases, however, intending to put further pressure on prices, because their finished steel sales have come to a halt on a sharp downturn in the Turkish currency, which has raised domestic long steel prices.

Demand for rebar and wire rod exports has also been limited in recent weeks.

“Although Turkish long steel exports are [statistically] higher compared with last year, demand is limited. And demand in the EU is weak, thereby putting pressure on long steel prices,” the chief executive at a major steelmaker said. “This was also why mills could not pay current scrap prices and have stayed away from the deep-sea scrap market.”

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.
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.
Understand how recent tariff decisions are affecting the European pulp and paper industry and trade with the US market.