STEEL SCRAP WRAP: Buyers back away amid global price collapse
Buyers of steel scrap in global markets were holding back from purchasing new cargoes in the week to Friday January 22, amid a sharp decline in prices and with more material being offered, and were hoping to re-enter the markets only after they have hit a bottom.
- Turkish import prices slump following fresh deals
- US sales to Turkey, Bangladesh show weaker prices
- Lower offers from Japan keep Vietnam buyers out of market
- Taiwan mills drop bid prices throughout the week amid weaker sentiment
- Indian prices slump by $50 per tonne.
Bookings for bulk scrap imports into Turkey continued at lower prices this week, with market participants expecting further decreases in the week ahead.
The most recent deal heard by sources – for a Baltic Sea cargo on January 20 - put the HMS 1&2 (80:20) price at $440 per tonne cfr Turkey.
But the number of offers in the market has increased since that deal was done, and prices have gone down accordingly, with suppliers in the Baltic Sea region offering HMS 1&2 (80:20) at $430-435 per tonne cfr by Thursday, a trading source said.
steel scrap HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey.
steel scrap HMS 1&2 (80:20), US origin, cfr Turkey.
US export scrap prices have moved down amid fresh sales to both Turkey and Bangladesh, with sources in the country expecting further decreases in the next deals.
steel scrap HMS 1&2 (80:20), export index, fob New York.
steel scrap shredded scrap, export index, fob New York.
steel scrap, HMS 1&2 (80:20), export index, fob Los Angeles.
Interest for imported ferrous scrap in the key Vietnam market went down over the week due to a sharp price downtrend from exporters in both Japan and the US.
steel scrap, HMS 1&2 (80:20), cfr Vietnam.
Taiwanese scrap buyers dropped their bid prices dramatically amid lower offer prices. Offer prices on containers of HMS 1&2 (80:20) fell from $425-430 per tonne cfr Taiwan at the end of last week to just $405 per tonne cfr on Friday.
steel scrap, HMS 1&2 (80:20 mix), US material import, cfr main port Taiwan.
On the Indian market, shredded prices plunged by $50 per tonne following a sharp correction in the international scrap market.
steel scrap, shredded, index, import, cfr Nhava Sheva, India.