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China’s import quota system, which has restricted the inflow of scrap metal this year, will remain in place for another year, with a significant drop expected in the total quantity of quotas granted, the China Nonferrous Metals Industry Association (CMRA) said.
An injunction from a Brazilian court has halted Vale’s acquisition process of Ferrous Resources for 30 days, until the miner can provide proof that it will implement international environmental compliance standards.
Restrictions on international trade may lead to a further decline in the volumes of steel exports from Turkey to the EU, with the country’s exports to the United States already near zero, according to Ugur Dalbeler, chief executive officer of Turkish steelmaker Çolakoglu Metalurji.
Primary aluminium foundry alloy premiums in Europe fell to all-time lows on November 8, while the premium in the United States held steady under quiet spot market conditions.
Global scrap prices trended upward during the working week to November 8, boosted by higher Turkish imported scrap prices.